San Francisco-based Gap Inc. signed deals to open Old Navy stores in six countries in the Middle East next year. Franchisees Fawaz A. Alhokair & Co. and Azadea will open the new stores beginning in the U.A.E., Kuwait, Qatar and Saudi Arabia. Gap has had Gap and Banana Republic stores in the region since 2007. "Entering the Middle East is an important milestone in our strategy to share Old Navy with a broader, global customer base," said Robert Frank, executive vice president of Old Navy International, in a company statement.
Robert Frank
CNBC's Robert Frank reports a wave of selling is hitting high-end retailers this year.
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