A Gap store in New York, August 2, 2020.
Scott Mlyn | CNBC
Gap Inc. shares rose as much as 11% after the retailer revealed plans Thursday to shrink its store footprint by about 350 stores and switch to a business model that’s driven by e-commerce and off-mall locations.
The apparel retailer, made up of chains Gap, Old Navy, Banana Republic and Athleta, shared the strategy at an investor conference. It said it expects to close roughly 30% of Gap and Banana Republic stores in North America by the end of fiscal 2023. By that time, it said, it plans to bring in about 80% of revenue from e-commerce and off-mall locations.
It said about 75% of its North American closures will be completed by the…