Facing a sales gap, GAP Inc. will reportedly close down a third of its stores in the US by 2013 in order to concentrate on expanding in to foreign markets. The WSJ reports:
Gap, which also owns the Old Navy and Banana Republic chains, said Thursday it will shrink its network of Gap stores in North America to 700 by the end of 2013, down 189, or 21%, from the 889 stores open at the end of June.
Gap at one time was the fastest-growing specialty retailer, with some 1,200 stores in North America. By the early 2000s, there was a Gap in virtually every mall in US.