Famous sneaker store planning to close its mall stores
You see them walking throughout the mall in their uniform that resembles that of a referee, soon when they return from break, those Footlocker employees will be going to stand-alone stores.
As part of the company's Lace Up plan, 400 mall stores will be closing as the company plans to shift its focus to niche shops that will cater to "sneakerhead kids" as well as high-income shoppers.
Part of the plan is to close as many as 420 mall stores by 2026, which would reduce Footlocker's national footprint by about 30%. They haven't announced which mall stores will be closing. They operate 38 stores in New Jersey.
The next part of the "Lace Up" plan is to open about 300 new concept stores by 2026. From their press release;
"Our team delivered a great finish to the year with strong fourth-quarter results that capitalized on resilient Holiday demand and a compelling assortment and inventory position from our brand partners," said Mary Dillon, President, and Chief Executive Officer. "We are entering 2023 with a focus on resetting the business – simplifying our operations and investing in our core banners and capabilities to position the Company for growth in 2024 and beyond."
Ms. Dillon continued,
"We are proud of Foot Locker's role in influencing and serving the global sneaker community, and next year, we will celebrate the 50th anniversary of the iconic Foot Locker brand. We are incredibly excited to introduce our "Lace Up" plan with a new set of strategic imperatives and financial objectives that are designed to set us up for success for the next 50 years."
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