Another US brand will open stores in Israel this year, according to Globes - this time, popular American clothing chain Old Navy.
According to the economic news site, the Gottex group, led by Joey Schwebel and Hanan Elituv, advanced negotiations to open Old Navy stores in Israel in the near future. Executives from the mega-company, which began as an offshoot of GAP, have already visited Israel and even toured the Gottex-owned IKEA branch in the north.
The main hurdle for now is pricing, the report said, with representatives insisting that the price difference be less than 10-12% than its US counterparts (not including 18% VAT).
If negotiations follow through, Gottex has planned to open 5-7 stores on popular streets in major cities, including Jerusalem, Haifa, and Petah Tikva.
Old Navy began in 1994 as an affordable offshoot of the highly popular, and now upscale, GAP clothing stores. GAP itself opened several branches in Israel in 2009.