GAAP Closes The Local Store &Nbsp; Accelerates The Expansion Of The Chinese Market.

Classic American brand GAAP (Gap) because of its dissatisfaction with the current market situation in the US, it is looking for opportunities overseas to meet its sales demand.

Jeff Cowan, chief operating officer of the company in China, said at an event in Shanghai that GAAP is planning to open more than 30 stores in China in 2013. Compared with the US business, the typical American clothing business may prefer to expand overseas. The company announced in October last year that it closed 189 stores in the United States, accounting for 21% of the store's sales.

　　 GAAP It opened its first store in China in November 2010. The chain said it would open 35 stores in China by the end of 2012.

This cowboy and sweater supplier may go all the way to China and seize the opportunity of China's rapid development. The speed of China's economic development is faster than that of the United States. In the last 3 months of 2011, the growth rate was 8.9%, and the rate of growth in the United States was only 2.8% during the same period. Despite a slight slowdown over the past few years, China is still developing rapidly. Retail sales were strong at the end of last year, the growth rate in November was 17.1%, and in December it was 18.1%.

Stateside, GAAP Not only will we fight against the slow economic recovery, because it stops many stores from selling, but also stays in a competitive environment. New and fashionable shops are coming from abroad to the United States with new brands, such as UNIQLO and H&M. The company also broke up with its former chief designer Patrick Robinson in 2011.

But in China and Europe, the classic American style is still very attractive. At the opening ceremony of the flagship store in Hongkong in November 2011, Stephen Sannaks, President of the international division, said: "GAAP has been supplying American style and innovation for more than 40 years. We see that our value has been strongly responded to Chinese customers and employees, just as in other markets we have established."