Gap, ubiquitous in malls across America, will reduce the number of its U.S. stores to 700 by 2013, a 34 percent decline from 2007, the company announced Thursday.
Although it is shrinking its retail footprint in the U.S., the company announced it is expanding Gap and Banana Republic stores in China, Italy and South America. It is planning on tripling its Gap stores in greater China from roughly 15 at the end of this year to about 45 by the end of 2012, according to the press release.
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