Report: Gap Inc. focus on retooling stores

NEW YORK Gap Inc. is refocusing its efforts on using its existing real estate to create smaller stores, rather than open new stores, ceo Glenn Murphy siad at the PiperJaffray conference, according to The Associated Press.

According to the AP, Murphy said that Gap has too many stores that are too large for anything other than flaghsips or signature locations. The stores are 12,500 square feet each. Murphy said stores should ideally be between 6,000 square feet and 10,000 square feet.