Foot Locker Plans To Close Upwards Of 400 Stores: Details

Foot Locker Plans To Close Upwards Of 400 Stores: Details

Foot Locker is one of those brands that everyone knows. Overall, Foot Locker has sold millions of pairs of sneakers over the years. They generate hundreds of millions of dollars in revenue every year, and they are a mainstay of sneaker culture. Although they may not have the most exclusive drops, they do typically have the vast majority of releases. Furthermore, the experience inside a Foot Locker is always fun as you are surrounded by walls filled with sneakers. Needless to say, consumers have very positive experiences when it comes to this store.

According to Complex, the company is going to be undergoing a bit of a revamp. During an Investor Day event, the company proposed a new effort that includes the closing of hundreds of stores. Overall, the company is thriving and had great sales numbers last year. However, there are various mall stores that are failing or underperforming due to location and local economic factors. Consequently, Foot Locker plans to close nearly 400 stores. The vast majority of these will be located in malls.

Foot Locker Has New Plans

Miami, Florida, Wynwood, Foot Locker storefront with logo sign. (Photo by: Jeffrey Greenberg/UCG/Universal Images Group via Getty Images)

Foot Locker consumers should also be aware of a new plan that has been dubbed "Lace Up." This is essentially a new strategic vision that will beef up what Foot Locker has been doing for years. You can expect more sneakers, better rewards, and a better website, which has typically been the company's weak spot. There will also be more of an emphasis on Foot Locker's relationship with Nike. Subsequently, sneakerheads can expect some unique Nike offerings inside the store.

This latest move is very much in line with what has been happening all over the United States. More and more stores are shifting to a more online-oriented experience. Brick-and-mortar stores are being forced to pay high rents, while the pandemic has led to consumers purchasing goods from the comfort of their homes. While some might not like this trend, it is something that cannot be changed. Stay tuned to HNHH for the latest news from around the sneaker world.



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