Gap to open five Old Navy franchise stores in Philippines

Gap Inc. (NYSE: GAP) plans to open five franchise-operated Old Navy stores in the Philippines, marking both the retailer's entrance to the Philippines with the Old Navy brand and its first franchise stores, anywhere.

The first two Old Navy stores will open in Manila in March and there are plans to open three more stores in the second half of the year for a total of five Old Navy stores in 2014.

The first of two Old Navy stores, a dedicated three-story building, will open in the heart of Manila's fashion and shopping district, Bonifacio High Street, on March 22. The second store will open in the prominent Glorietta mall on March 29. The three additional Old Navy stores are targeted to open in the Manila area in the second half of 2014 in new and existing developments. Story