Foot Locker is expected to shut down over 400 store locations by 2026.
Generally, stores that are underperforming and located in malls will be affected. The retail giant says it will open new formats and transform its real estate footprint.
Foot Locker also revealed their new “Lace Up” plan, which a new strategic plan will manage. This involves enhancing the customer’s online purchasing experience, boosting its selection of sneakers, differentiating its banner stores, and resetting the company’s reward program.
Additionally, Footlocker will announce a new Nike partnership 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 much time with Nike revitalizing our partnership.”
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