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Gap to focus on off-mall stores, grow Old Navy

Gap outlined plans this week to increase its focus on off-mall and outlet stores as well as e-commerce, moves that sent the retailer's shares surging 14% on Thursday. The company will shutter 220 namesake and 130 Banana Republic stores over the next few years, while opening up to 40 new Old Navy stores and about 100 Athleta locations.

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