Gap Inc. has announced plans to expand quickly in Asia as it tries to tap into growing demand there.
The San Francisco-based retailer said that it is opening its first namesake store in Guangzhou this week. That will bring its total number of Gap stores across mainland China, Hong Kong and Taiwan to more than 100. It also plans to open a Gap in Hsinchu in Taiwan in late November.
The parent company also said Wednesday that it will expand Old Navy’s footprint faster than originally planned in mainland China, with plans to open its first locations in southern and northern China. It also plans to open an Old Navy in the special economic zone of Shenzhen later this week and open its first Old Navy in Beijing in December.
“We continue to be excited by the response of Chinese customers to our brands, ” said Jeff Kirwan, president of greater China for Gap Inc. “Both Gap and Old Navy have been warmly embraced, giving us confidence to continue our expansion in this vibrant region.”
The company, which also owns brands such as Banana Republic and Piperline, opened its first namesake store in China in 2010. The Gap brand is now in 25 cities in mainland China, Hong Kong and Taiwan.
Gap shares slipped 2 cents to $37.30 by midday Wednesday, amid a modest uptick in broader markets.