Gap Reducing U.S. Retail by 34 Percent, Expanding in Latin America
San Francisco–based Gap Inc. will trim the number of its U.S. stores by about 34 percent next year. The company plans to have about 700 Gap stores and 250 Gap Outlet stores by the end of 2013. The number of Old Navy stores will remain about the same, but the stores will be smaller. The company left open the possibility of further reductions in square footage by the end of 2013. Meanwhile, the company is expanding its Latin American presence with new stores in Chile, Panama and Colombia. The company has an existing e-commerce platform in all three countries, but these will be its first bricks-and-mortar stores. #8232;The Gap store in Chile opens in November, and Gap and Banana Republic stores will open next year in Panama and Colombia.
