Press Release

03/03/2008

BANANA REPUBLIC ANNOUNCES TWO NEW JAPAN LOCATIONS

Gap Inc.’s accessible luxury brand to open its first women’s only shop within a department store

TOKYO – March 3, 2008 – Gap Inc. (NYSE: GPS) today announced plans to expand its presence in Japan by opening two new Banana Republic stores in department stores this spring, bringing the total number of stores in the country to 23. Scheduled to open in March, the new offerings will be located within popular department stores in Tokyo and feature a smaller store format.

The brand is opening its first women’s-only store in Japan at the Tobu Ikebukuro Department Store on March 6, targeting female customers working in metropolitan area. Banana Republic will also introduce a second small store format that offers men’s and women’s product at the Ebisu Mitsukoshi Department Store, opening March 28.

“We’re looking forward to offering customers Banana Republic clothing and accessories within two of Japan’s leading department stores, Tobu Ikebukuro and Ebisu Mitsukoshi,” said John Ermatinger, president of Gap and Banana Republic in Japan. “The shop within a shop concept allows us to reach our target customer and offer them a different way to experience our accessible luxury brand.” 

Banana Republic currently has 21 stores throughout the fashionable shopping areas in Tokyo, Yokohama, Nagoya, and Kobe. These larger store formats, on average 577 square-meters in size, carry a full-range of men’s and women’s product. Banana Republic also expects to open its first store in Umda area, Osaka this fall – the largest city next to Tokyo.

The brand continues to expand its international presence. In March 2008, Banana Republic is opening its first European store on Regent Street in London. In addition, Banana Republic is proud to celebrate its 30th anniversary this summer.

About Banana Republic
Banana Republic opened its first stores in Japan in the fall of 2005, marking the brand’s first international expansion outside North America. The brand, which currently has about 570 stores in North America and Japan and annual sales of more than $2.5 billion in fiscal year 2006, is known for delivering accessible luxury apparel and accessories for men and women.

About Gap Inc.
Gap Inc. is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, and Piperlime brand names. Fiscal 2007 sales were $15.8 billion. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Asia, Europe, and the Middle East. For more information, please visit gapinc.com.

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