Earlier today, the folks at once-mammoth clothing retailer Gap Inc. announced plans to shutter even more of its namesake Gap stores in the U.S. over the next 14.5 months, bringing the total number of stores to only 700 by the end of 2013.

The company say this is down 34% from the number of Gaps in the U.S. in 2007. There are no details yet on which stores will be getting the chop.

As for Old Navy, the future isn’t about necessarily closing stores but shrinking stores:

[T]he brand’s strategy is to have roughly the same number of stores in North
America with a smaller footprint. The brand plans to continue downsizing its fleet in North
America, and expects to potentially remove another 1 million square feet by fiscal year end 2013.

Meanwhile, like many struggling big-name American brands, Gap is gambling on the developing market overseas. In China alone, it hopes to double its number of franchise stores to 400 in the next two years.

GAP INC. DEMONSTRATES STRONG INTERNATIONAL AND ONLINE
GROWTH AT ANNUAL INVESTOR MEETING [PDF]

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