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Modest May for retailers
New York -- Same-stores sales increased 3.2% in May, edging up from a 3% gain in April, according to a preliminary tally of 12 retailers by the International Council of Shopping Centers.
The number of retailers reporting same-store sales has dropped dramatically over the past two years, with major department store companies and discounters no longer reporting. Many specialty fashion chains are also following suit. Some experts caution that the results are now so limited they are not representative of the industry at large.
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Gap adds Paraguay, Hungary to global growth plans
San Francisco -- Gap Inc. announced Monday that it will introduce the Gap brand to Paraguay and Hungary through new agreements with existing franchise partners: Neutral for Paraguay and Gottex Brands for Hungary. The first Gap store will open later this year in Paraguay, joining Neutral’s 2012 Gap launch in Uruguay. And, in Hungary, Gottex Brands will open two Gap stores in Budapest. A specific timeline wasn’t released.