Glenn Murphy, CEO of Gap Inc., in late August announced thathis company will cut back on store openings and reduce its squarefootage by up to 15% over the next three years. The decision cameafter Gap, which owns the Gap, Old Navy and Banana Republic chains,did an analysis finding that its stores occupied too much space."We've never had a clear real estate strategy," Murphy said duringa conference call. "We now have that information, and it will allowus to make quick decisions." Fifty-eight percent of you believethere's more to it than Murphy is letting on, and that Gap willclose more stores than the 115 already announced earlier this year.The numbers were evenly split between respondents to last week'sQuick Poll who think Gap will find a real estate solution and thosewho believe the chain, which has already closed 800 units over thepast six years, will "fall through the Gap." Commentator Jeffrey D.Roseman, EVP at Newmark Knight Frank Retail in New York City, sayshe isn't surprised either by the overwhelming poll numbers or Gap'smoves. Here's why:

"I think it's been a long time coming. They had a great run inthe 1990s, and now they have to reinvent themselves. They have toretool, and get lean and mean again.

"They've been closing stores over the years, so this justfollows along with that. And a lot of those leases are coming upanyway. They were signed 10 or 15 years, so they're coming up now.It fits well. They have an opportunity to renew them at marketrents, which is a lot more than they were paying, but I'm not surethey're at that point yet."