This excerpt taken from the GPS 8-K filed Feb 28, 2008.
Fiscal year 2007 capital spending was $682 million. The company expects to reduce its capital spending to about $500 million in fiscal year 2008.
During fiscal year 2007, the company opened 214 store locations and closed 178 store locations. Openings and closings include 18 store repositions and 45 Old Navy Outlet store conversions, while closings also include 19 Forth & Towne stores. Net square footage at the end of the fourth quarter of 2007 was up 1.8 percent compared with last year.
Excluding 15 store repositions, the company expects to open about 100 store locations and to close about 85 store locations in fiscal year 2008. The store closings are weighted toward Gap brand. Square footage is expected to increase less than half a percent for fiscal year 2008.