Gap&Nbsp; Enter The South African Market &Nbsp; Opened The First Storefront This Week.
US apparel retailing giant Gap Inc (GPS) announced on Monday that it will open its first independent franchise store in South Africa later this week, making it the world's second most famous brand in less than six months.
Last November, Europe's largest clothing retailer, Spain Zara, opened its first store in South Africa.
Prior to this, through the
Department store
A wholesale agreement for Stuttafords, Gap provides its namesake brand and Banana Republic products in South Africa.
The two company said in a joint statement Monday that Stuttafords will
Be responsible for
Operates Gap's independent franchise store in South Africa, providing its namesake brand and Banana Republic products.
Gap also plans to open two more stores in South Africa.
The company has already opened stores in some other countries in Africa, including Morocco and Egypt.
It is estimated that the African continent
Consumer
Spending will double to $1 trillion and 400 billion by 2020.
The strong consumer outlook for the African continent was highlighted in 2010 when WAL-MART offered $2 billion 400 million to acquire Massmart, a South African retailer.
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