Gap, Partner to Open Stores in Middle East
From Reuters
Clothing retailer Gap Inc. said it agreed with Dubai-based Al Tayer Group to open about 25 Gap stores and about 10 Banana Republic stores in the Middle East by 2010.
Al Tayer Group will hold exclusive rights to operate Gap and Banana Republic stores in the United Arab Emirates, Kuwait, Qatar, Bahrain and exclusive rights for Gap in Oman. Financial terms were not disclosed.
This is the second time in four months the San Francisco-based retailer has set its sights abroad with hopes of offsetting declining sales at home. In January, it said it would open Gap and Banana Republic stores in Singapore and Malaysia.
