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Another big retailer is leaving Massachusetts struggling malls behind.
Gap Inc. announced Thursday that it will close 350 of its stores —220 of its namesake Gap shops, and 130 Banana Republic outposts — by early 2024, ABC News reported.
Eighty percent of its remaining stores will be in off-mall locations, according to ABC News.
“We’ve been overly reliant on low-productivity, high-rent stores,” Gap CEO Mark Breitbard said during an investor call. “We’ve used the past six months to address the real estate issues and accelerate our shift to a true omni-model.”
The move comes as Gap attempts to reinvent itself, focusing predominantly on outlets and e-commerce.
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