Footlocker Decides to Close 400 Stores
October 16, 2023
- Foot Locker to close 400 underperforming stores, strengthen standalone stores.
- “Lace Up” plan targets sneaker enthusiasts with new concepts.
- Opening 280 new stores with community, power, and play concepts.
Foot Locker, a sports apparel company, has announced plans to close 400 stores in North America by 2026. The company aims to focus on strengthening its standalone stores by closing underperforming ones in shopping malls. This move is part of Foot Locker’s strategy to reset and simplify its operations while investing in its core banners and capabilities for future growth. One of the initiatives announced is the “Lace Up” plan, which targets sneaker enthusiasts. Despite the closures, Foot Locker plans to open 280 stores that focus on community, power, and play concepts. The company also intends to close 125 of its Champ Sports stores in 2023, refocusing on active individuals in sports and fitness. Overall, Foot Locker aims to reduce its real estate footprint by 10% in 2026, leaving it with 2,400 stores.
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