MJP –
A famous shoe company now plans to shutter 400 stores by the year 2026 as it rebrands part of its business, sources confirm.
Foot Locker has announced plans to close a total of 400 stores across North America by 2026 as part of a significant rebranding initiative.
The company revealed this strategy during its Investor Day presentation last March, emphasizing a shift away from underperforming locations, particularly those in shopping malls, in favor of enhancing its standalone stores with innovative concepts.
Mary Dillon, president and CEO of Foot Locker, stated, “As we enter 2023, our focus is on resetting the business by simplifying operations and investing in our core brands to position the company for growth in 2024 and beyond.”
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A key component of this strategy is the “Lace Up” plan, which aims to engage consumers with a dedicated focus on sneakers.
“We are thrilled to launch our ‘Lace-Up’ initiative, which includes new strategic objectives designed to ensure our success for the next 50 years,” Dillon added.
The company says it remains committed to expanding its presence despite the store closures.
Plans include opening 280 new locations that center on community engagement, as well as the company’s “power store” and “house of play” concepts.
Additionally, Foot Locker closed 125 Champ Sports stores last year and is refocusing the brand to appeal to more active sports and fitness consumers.
Overall, the company aims to reduce its real estate footprint by 10% by 2026, resulting in a total of 2,400 stores.
The company recently announced plans to close its stores and e-commerce operations in South Korea, Denmark, Norway, and Sweden by mid-2025.
