Insights for 11-2-20

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"We’ve been overly reliant on low-productivity, high-rent stores. We’ve used the past six months to address the real estate issues and accelerate our shift to a true omni-model."

Mark Breitbard, chief executive officer of the Gap brand, speaking at a recent investor meeting where the company announced that it would be exiting most of its mall store locations as it moves to close 220 Gap stores — or one-third of its store base — by early 2024, as reported by The Associated Press and ABC News.