Gap to open stores in Serbia and Ukraine
Retail giant Gap (NYSE:GPS) has announced plans to expand its international franchise to Serbia and the Ukraine, it said in a statement Friday.
Shoppers in Belgrade, Serbia and Kiev, Ukraine will be able to purchase clothing, accessories and personal care products from the Gap, GapKids and babyGap. Both new locations will open this year, along with locations in another 28 countries, such as Chile and Egypt.
The San Francisco-based company has been committed to expanding its global presence and increasing its share of the $1.4 trillion global apparel market.
"We look forward to bringing Gap's distinctively American aesthetic to consumers in Ukraine, which is considered the fastest growing retail market in Eastern Europe, and Serbia with its young customers who love to shop," said International President Stephen Sunnucks.
Gap has driven its franchise into 25 countries across the globe, with over 180 retail locations within the last five years. The company, whose 2010 net sales reached nearly $15 billion said that it plans to double the number of its franchise stores to 400 locations by 2015.
The Kiev, Ukraine store will open this June, and will be housed in a 9,000 square foot space on Kreschatik Street, one of the city's most famous and busiest streets.
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