Despite reporting strong results in its Q4 2022 earnings report, Foot Locker is expected to shutter nearly 400 stores by 2026.
During the sneaker chain’s Investor Day event today, Foot Locker’s top executives outlined the company’s future plans, including plans to terminate the operation of nearly 400 stores by 2026. According to Matthew Kish from Business Insider, the impacted stores will mostly be those that are underperforming and those that are currently located in shopping malls. The retail chain says that it plans to transform its real estate footprint by also opening stores with new operating formats.
Additionally, Foot Locker announced its new “Lace Up” plan, which will be governed by a new strategic outline. This includes expanding its sneaker offerings, creating more distinction among its banner stores, resetting the company’s loyalty program, and also improving the customer’s online shopping experience. Foot Locker also confirmed it will be revitalizing its partnership with Nike, with products expected to hit stores this holiday season.
“Nike is our largest brand partner and the leader in the industry,” Mary Dillon, Foot Locker Inc.’s CEO, said. “My team and I have spent a great deal of time with Nike revitalizing our partnership.”