Foot Locker has announced plans to close 400 stores by 2026 as part of a new initiative to refresh the brand.
The retail company said it’s shifting its focus to new concept stores and ceasing its low performing mall locations, according to CNN.
Anthony Aversa, senior vice president of Store Development, says the stores included in this closure are in North America and will account for almost 10 per cent of Foot Locker’s total sales.
Foot Locker operates over 3,000 stores, including Foot Locker, Kids Foot Locker, and Champs Sports amongst others, with around 1,300 stores in North America malls alone. About 125 of the underperforming Champs stores will also be closed this year.
The mass closure comes following low sales. Compared to 2022, Foot Locker’s fourth quarter sales dropped 0.3 per cent with sales expected to drop between 3.5 per cent and 5.5 per cent this year.
Foot Locker CEO and President Mary Dillon says the company plans to revitalize its partnership with Nike. She added the companies have a shared vision that includes growth plans and key strategy areas,ranging from basketball, kids and sneaker culture.
Aversa says Foot Locker will aim to open more than 300 of its new concept stores by 2026.
