Slimming down: Apparel giant Gap announced Thursday it will close about 200 stores across the country and downsize others as it focuses on international expansion, the Los Angeles Times reports. The reduction will bring the total number of stores to roughly 700 from nearly 900 in operation at the end of July—a 21% reduction. A company spokesperson would not reveal where store closings will take place. Read more here.
Revving up: U.S. consumers stepped up their spending on retail goods in September, a hopeful sign for the sluggish economy. They spent more on autos, clothing and furniture last month to boost retail sales 1.1%, reports the Commerce Department today. It was the largest gain in seven months. Auto sales rose 3.6% to drive the overall September increase. Excluding autos, sales increased 0.6%. The government also revised the August figures upward to show a 0.3% increase after initially reporting no gain. Read more from The Associated Press here.
Camping out: A faster iPhone with better software and an improved camera went on sale in seven countries today as hundreds of buyers camped out for hours in front of some stores to be among the first to get one. About 200 people were at Apple’s Fifth Avenue store in Manhattan as the iPhone 4S went on sale at 8 a.m. Steve Wozniak, who created Apple with Steve Jobs in a Silicon Valley garage in 1976, was first in line at a store in Los Gatos, Calif. Analysts predict sales could exceed 4 million by the end of the weekend. Pre-sales eclipsed 1 million last week, setting a record.
