(Filed Under Financial and General Interest News). The Gap Inc. plans to close 200 of its The Gap stores worldwide by 2013, C.E.O Glenn Murphy revealed during a presentation at this month’s Bank of America/Merrill Lynch consumer conference.
According to Murphy, by 2013 the company will operate 700 Gap stores. Most of the closures will take place in North America, where he said the company will “walk away from malls that don’t make sense [for us].”
Murphy added that Gap Inc. will continue to develop its more successful outlet and online businesses, as well as its international franchise network.
Other company focuses, he said, including acquiring new customers in the 25 to 35-year-old age group, launching new categories and improving customer diversity among the Asian American, African-American and Latino demographics.
The Gap Inc. currently operates 3,100 company-owned and 175 franchise stores worldwide.
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