Gap Says to Triple China Network in 2012
Clothing retailer the Gap, which is trying to boost flagging sales in the U.S. with Black Friday incentives today, is also planning to triple its stores in China, Reuters reports:
Redmond Yeung, president of China for Gap, which competes with Uniqlo parent Fast Retailing Co Ltd (9983.T) and Esprit Holdings Ltd (0330.HK) in China, said the company aimed to operate 15 stores in the country by the end of the fiscal year to January, and to triple that number to 45 in fiscal 2012.
“The China market so far has far exceeded our expections,” Yeung told reporters on the sidelines of the soft opening of its first store in Hong Kong.
“We are very happy with the results we have achieved in China. That is the reason for this store growth target and why investment in this area is increasing,” he said.
Gap, which operates about 400 outlets in Asia, has eight stores in Shanghai and Beijing and plans to open outlets in Hangzhou and Tianjin before the end of this year.