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Gap establishes international division
San Francisco -- Gap said Tuesday that it is establishing an international division, based in London, to ramp up overseas growth, and will open its first Old Navy stores abroad -- in Japan -- by 2012.
Gap said it has set a goal for international and online sales to make up 30% of its total by 2013, up from 22% in 2010 and 14% in 2006. The new international division will oversee stores across Europe, the Middle East, North Africa, Asia Pacific and South America.
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Best Buy to open hundreds of Best Buy Mobile stores, shrink footprint of big-box outlets
Minneapolis -- Best Buy Co. said Thursday that it plans to open hundreds of wireless device stores, as well as expand online and in China in an effort to be more competitive as consumers up their online shopping. The chain is also scaling back the size of its signature namesake format.
In an analyst conference Thursday, the retailer unveiled plans to shrink square footage at big-box stores by 10% over the next three to five years, a move that Best Buy said will eventually save $70 million to $80 million annually.
