Retailer Gap Inc. said Wednesday that it is entering the South American market by opening its first store in Chile on Friday, and will open stores in Panama and Colombia in 2012.
The company said the first Gap store in Chile will open Friday at the Parque Arauco Mall in Santiago. It will open another store in Concepcion in November. Gap said it will open Gap and Banana Republic stores in Panama starting with locations in Panama City in January, and it will open stores in Bogota, Colombia, in late 2012.
The company said the new stores will have Gap, GapKids, babyGap and Banana Republic products. Gap said it made its products available to shoppers in those countries in 2010 through its international shipping provider.
Gap has expanded to 29 countries in Asia, Europe, Latin America and the Middle East in the past five years, opening franchise locations in 10 new countries in fiscal 2011 alone. It is the largest U.S. clothing seller.
Gap shares rose 28 cents to $17.86 in morning trading.