Sales at Gap. Photo: John Keeble/Getty Images

Gap — which saw a 7% drop in sales at stores that have been open for a year or longer — is considering closing hundreds of its mall locations as well as some of its flagship stores, CEO Art Peck told analysts in a call Tuesday evening.

The big picture: There are 775 Gap-branded stores worldwide, per CNBC. Declining sales come amid a retail shakeout that has plagued iconic brands like J. Crew, J.C. Penney and Neiman Marcus. Gap's own brand has the weakest sales numbers among the collection of labels it owns, which includes Banana Republic, Old Navy and Athleta, CNBC reports.

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Breaking down the Tesla obsession

Illustration: Sarah Grillo/Axios

Tesla is the company of the moment — the prime exemplar of just about any big and important trend that you might care about.

Why it matters: Almost every reader of finance and business news will have at least one strongly-held opinion about Tesla. What you might not realize is just how widely those opinions range, and the degree to which they map onto much broader views of the world.

Gallup: Party preference swings dramatically in favor of Democrats

Photo: Jim Watson/AFP via Getty Images

Americans' political party preferences have swung sharply from a 2-point Republican advantage in January to an 11-point Democratic advantage in July, according to Gallup's monthly averages of telephone polls in 2020.

The big picture: The dramatic shift is more a product of fewer people identifying as Republican or Republican-leaning (down 8% since January) than gains among those who identify as Democratic or Democratic-leaning (up 5%).

Nancy Pelosi: "I yearn for other Republican presidents"

House Speaker Nancy Pelosi (D-Calif.) called on President Trump Thursday to exercise "the full power" of the Defense Production Act to meet coronavirus equipment needs and accused him of engaging in a "massive dereliction of duty" by ignoring science during the pandemic.

What she's saying: "I yearn for other Republican presidents," Pelosi said at a press conference. "While we may have disagreed on many points, but at least we had a shared commitment to the governance of our country."