Gap Wins $96 Million Investment Plan To Open 110 Stores In Huaxin

Fast fashion brands in the US

The parent group Gap Inc. will get $96 million in capital investment in New York's distribution center, which will invest in personnel expansion. The company plans to create 1200 jobs by June 2019 and expand the existing 2 million 300 thousand square feet infrastructure area.

The Empire State Economic Development Corporation (the New York Economic Development Council) provided Gap Inc. with $12 million in capital to pay for increased capital as a result of increased staff and investment needs.

Shawn Curran, senior vice president of global logistics at Gap Inc., said: "Gap Inc. continues to develop, and we are improving our ability to distribute in the northeast by strengthening infrastructure."

Ted Potrikus, executive vice president of the New York retail Council, affirmed Gap's move, believing that this will drive the development of the state economy.

He thought:

Reliable staff are needed at the delivery level or the distribution level.

The retail needs need to be further promoted step by step, both with manufacturing workers and with R & D personnel with scientific and technological development. These are important jobs.

At the same time, he believes that any brand choice in New York's brand expansion or construction is a blessing for the people.

Reporters had previously reported that after the disappointing first quarter results, the group's second quarter year-on-year sales failed to grow again.

After a 5% decline in the same period last year, the group's sales volume remained unchanged in the second quarter of this year.

Among them, the core Gap brand was the most affected, while the same store sales fell 5%, which recorded a 6% growth in the same period last year.

In the first quarter, the group's net sales increased by 1%, but same store sales fell 1%, compared with a 2% increase in the same period last year.

Group management is still very generous about this.

Glenn Murphy, President of the company, said, "we are happy to record the growth of the last month of the last half of the first half of the first half of the year (that is, the sales growth of the same shop is 2%). We are planning to launch a brand new product and brand advertising marketing this fall.

By the end of February this year, Gap's sales in Asia accounted for only 9% of the total sales in the world in the past 13 years, but its growth rate was gratifying.

The company said it hopes to increase its sales performance to three times its current level in the next three years, with a turnover of $1 billion.

According to statistics, Gap has 231 Asian stores and plans to open 110 new stores in mainland China, Hongkong and Taiwan this year.

This time, Gap will cooperate with Arvind textile company to set up branches in Mumbai and Delhi in India.

GAAP group

Including Gap, Old Navy, Banana Republic, Piperlime, Athleta and so on, the business covers 90 countries, including 3000 self operated stores and 300 franchise stores.

The group's turnover in 2013 reached 11 billion 900 million euros.