China has been targeted as a new location for Gap, the US apparel retailer. Gap has announced that, by the end of 2012, they plan to triple the number of stores they have in China. Trying to counter their less than stellar sales in North America, Gap Inc, which includes Gap, Banana Republic and Old Navy, is outlining a strategy to increase its total sales.
Gap opened its first store in China in November 2010. Now, they plan to expand from their current 15 stores to more than 45 by the end of fiscal 2012.
As Glenn Murphy, Gap chairman and chief executive said in a statement, “The combination of our global strategy and formidable growth platform puts us in a strong position to expand our reach into the top 10 apparel markets worldwide.”