Foot Locker to close 400 stores by 2026 | WUGT News Business


Foot Locker to close 400 stores by 2026

Foot Locker to close 400 stores by 2026

Foot Locker plans to close 400 stores by 2026. This is in an effort to be more relevant to younger shoppers. It will relaunch its retail brands, introduce "experiential" store concepts, and simplify its operations by closing down underperforming mal.

Posted by on March 22, 2023 860

Foot Locker plans to close 400 stores by 2026. This is in an effort to be more relevant to younger shoppers.

Analysts are hearing that the "reset" is occurring amid softer sales. Foot Locker reported Monday fourth-quarter sales that fell 0.3% compared to a year ago. The retailer also predicted that total sales would drop by 3.5% to 5.5% by 2023.

Foot Locker noted that its non-Nike brand product sales grew in the mid-single digits while its Nike mix sales were down, but "only slightly."Executives stated that Nike is Foot Locker’s largest brand partner and will continue to be so. The company plans to revive its Nike partnership by launching a product concept that celebrates Foot Locker's 50th anniversary in 2024.

These include the sneaker guru, or sneaker-obsessed shopper who represents themselves through their shoes; fashion-forward expressionists who want to look and feel good and rely on sneakers to do that; the athlete looking for high-performance sneakers; shoppers who value quality and comfort; and finally, the deal-hunters.

She stated that younger customers and those with different backgrounds are strategic advantages for the company. She stated that these are the fastest-growing consumer segments and are rapidly expanding their purchasing power."You can't win with young, diverse consumers in this category if you don't win over them in the long-term."

He said that new concepts will be created to provide more engaging experiences and a wider product range.

"But, we will increase our square footage to over 14.5 million square feet," said Aversa. This is because we are opening up bigger, more experiential expressions for our brands with a wider product range. Aversa stated that new formats will be available in more than 400 locations.

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