According to CNN, Foot Locker is closing 400 stores within the next 3 years. This is part of their efforts to “become more relevant to younger shoppers.” It looks like this plan will entail relaunching the brand, and adding experiential new store concepts. By closing underperforming stores, the brand will be able to simplify operations.
The 400 stores that are closing will account for only 10% of their total sales. While they are closing those stores, it seems their new strategy includes opening larger, “more experiential expressions” of the brand with a wider variety of product.
Champs Sports stores are also under the same company, and 125 of those stores will be closing this year.
Foot Locker is planning to shut 400 stores by 2026 as it strives to become more relevant to younger shoppers https://t.co/ZPdGrXK1Or pic.twitter.com/CrnncO4fUN
— CNN (@CNN) March 21, 2023
No word on whether Foot Locker closing these 400 stores will affect our local stores at the Augusta Mall and in Aiken.