Foot Locker, the super popular footwear retailer, plans to close 400 stores by 2026. The sneaker retailer plans to change their retailing strategy and cut their losses by closing underperforming stores.
“We will increase our square footage by 10% to over 14.5 million square feet as we open up larger, more experiential expressions of our brands with a wider product assortment. New formats will surpass 400 locations.” – Anthony Aversa, Senior Vice President of Store Development
The store closures will have a significant impact on Foot Locker’s workforce. The company has said it will try to redeploy employees to other locations, but job losses will inevitably occur. The closures will also leave some communities without access to a Foot Locker store.
Overall, Foot Locker’s decision to close 400 stores is a major strategic shift for the company. The closures reflect the changing retail landscape and Foot Locker’s commitment to adapting to new consumer preferences. While the closures will hurt some employees and communities, they are ultimately necessary for Foot Locker to remain competitive in the long run.