Business
Foot Locker to Close Over 400 Stores and Focus on New Store Formats
CHICAGO, Ill. Foot Locker has announced plans to close over 400 stores inside shopping malls as part of its newest business plan, called "Lace Up,"
By Country Herald Business · 2023-03-23T18:31:20.000Z
Foot Locker to Close Over 400 Stores and Focus on New Store Formats CHICAGO, Ill. Foot Locker has announced plans to close over 400 stores inside shopping malls as part of its newest business plan, called "Lace Up," which aims to focus on new store formats and expand its customer base. The retail company says these closures represent about 10% of its global fleet and will happen by 2026. The shift comes as the sneaker retailer tries to navigate a changing landscape of retail mall traffic and consumer behavior.
As part of its strategy, Foot Locker intends to focus on newer "off mall" store concepts, which it believes better align with current shopping patterns and provide a more personalized customer experience. The move is a significant pivot as the company seeks to revitalize its brand in an increasingly competitive footwear market.
The store closures are expected to be phased in over the next few years. Investors and customers alike are closely watching how this consolidation of brick and mortar locations will impact the company's financial performance and overall brand presence as it shifts its attention toward higher growth areas and digital engagement.