Gap To Open Store In Chile In 2011

SAN FRANCISCO -- Gap Inc. has signed an agreement with Komax for exclusive rights to operate Gap brand stores in Chile, the clothing retailer said Wednesday. The first Gap store in South America is scheduled to open in Santiago, Chile in September 2011. "The franchise business is a key part of Gap Inc.'s global business strategy," said Gap in a statement. By fiscal 2013, it expects international and online sales to account for more than a quarter of its net sales. Copyright © 2010 MarketWatch, Inc.