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Gap opens first SA store, more planned

Mar 20 2012 08:01 Reuters

Company Data

MASSMART HOLDINGS LIMITED [JSE:MSM]

Last traded 136.62
Change 6.12
% Change 0.05
Cumulative volume 113698
Market cap 29.66bn

Last Updated: 24/04/2014 at 01:48. Prices are delayed by 15 minutes. Source: McGregor BFA

WOOLWORTHS HOLDINGS LIMITED [JSE:WHL]

Last traded 70.81
Change 1.11
% Change 0.02
Cumulative volume 1562680
Market cap 59.98bn

Last Updated: 24/04/2014 at 01:48. Prices are delayed by 15 minutes. Source: McGregor BFA

TRUWORTHS INTERNATIONAL LIMITED [JSE:TRU]

Last traded 81.57
Change 2.65
% Change 0.03
Cumulative volume 602475
Market cap 34.35bn

Last Updated: 24/04/2014 at 01:48. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - US clothing retailer Gap will open its first standalone franchise store in South Africa this week, it said on Monday, the second major apparel merchant to enter the country in less than six months.

"South African is the natural next step for expanding our store footprint on the continent," said Stefan Laban, Gap's managing director of strategic alliances.

The company first offered its namesake brand and Banana Republic in South Africa through a wholesale agreement with domestic department store group Stuttafords.

Stuttafords would operate Gap's free-standing stores in the country, the two companies said in a joint statement.

Gap, which plans to open two more stores in Africa's top apparel retail market, follows Europe's biggest clothing retailer Zara, which entered the country with one store in November last year.

The expansion of Gap and Zara - the flagship label of Spain's Inditex - in Africa pit them against established retailers such Truworths International [JSE:TRU], the Foschni Group and Woolworths Holdings [HSE:WHL].

The San Fransisco-based company already has stores on the continent where consumer spending is expected to double to $1.4 trillion by 2020. Gap entered Morocco and Egypt late last year.

Africa's strong consumption prospects were highlighted in 2010 when Walmart bid $2.4bn for control of South African retailer Massmart Holdings [JSE:MSM].

 
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