Pre-recession boom left surplus of shops
(NEWSER) - Gap, once the king of clothing chains, rapidly expanded before the recession; afterward, it found itself with more stores than shoppers. Now it plans to close 189 of its North American locations—more than a fifth of the total—by 2013, leaving some 700 remaining, the Wall Street Journal reports. Gap didn't reveal which stores would be shuttered, but a rep explained that leases of tired stores won't be renewed, a move that will inject 2 million square feet of empty retail space into the market. More»
