Foot Locker is planning to shut 400 stores by 2026 as it strives to become more relevant to younger shoppers by relaunching its retail brands, introducing 'experiential' new store concepts and simplifying its operations by closing underperforming mall-based stores.
Foot Locker is planning to shut 400 stores by 2026 as it strives to become more relevant to younger shoppers and pictured, a pedestrian carries a Foot Locker Inc. bag at the Easton Town Center shopping mall in Columbus, OH, on Aug. 23, 2016.
Included in the store trimming are 125 underperforming Champs Sports stores, which will be closed this year. "Nike will continue to lead our brand portfolio and be 55% to 60% of our mix," said Chris Santaella, Foot Locker's chief merchandising officer.The new store concept and selling strategy — called the "Lace Up"— will focus on specific segments of sneaker shoppers.
Foot Locker CEO Mary Dillon told analysts she thinks hybrid work is here to stay and it's fueling the strength and longevity in casual dressing.She said younger and more diverse customers are a strategic advantage for the company. "These are the fastest-growing consumer segments in the US and are rapidly expanding in their purchase power," she said. "If you don't win with young diverse consumers in this category, you don't win in the long run.
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