Old Navy enters Mexican market
Old Navy, the American apparel brand belonging to Gap Inc, has officially entered the Mexican market with a first store at Toreo Parque Central, in Mexico City.
With this first branch, the company is rolling out an expansion programe that will unveil nine further stores in the country. Seven locations are scheduled to open in October and two to launch in November at Mexico City, Mexico State Puebla and Santiago de Querétaro.
Old Navy’s expansion into Mexico was well thought-out: the brand was the best performing unit in Gap’s portfolio, which also includes Banana Republic, Athleta, Intermix and Gap.
In July, Gap’ namesake company recorded a 7% drop in sales compared to a 2% decrease a year earlier, and Banana Republic decreased 10% in sales compared to 6% in 2014. Old Navy, however, posted a sales rise of 3%, showing how the brand’s different target market is resonating with its affordable offering.
Mexico is now Old Navy's fifth market. The retailer also has stores in South East Asia and the Middle East.
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