Boy, if I were a shareholder of the largest apparel retailer in the US, I'd not be a very happy camper. No real estate strategy? I find that almost impossible to believe, and lawyers say some pretty unbelievable things for a living. So now they want to cut store sizes. So does everyone and their mother.
I do know this, albeit not first-hand: Gap does -- or at least did -- have a strategy on the legal side when dealing with leasing. Ask someone in the business and they might be able tell you what I am talking about.