After almost 50 years of cultural influence and service to communities across the globe, Foot Locker is closing the doors to multiple stores indefinitely.
According to reports from PR Newswire, the company operated 2,714 stores in 29 countries including Australia, North America, and Europe plus an additional 156 stores operating in the Middle East and Asia as of January 28, 2023. With a 0.3% total sales decrease at nearly 400 of its retail locations, the sneaker chain is revamping its business approach with a brand new “Lace Up” plan.
“We are entering 2023 with a focus on resetting the business – simplifying our operations and investing in our core banners and capabilities to position the Company for growth in 2024 and beyond,” said Mary Dillion, President and Chief Executive Officer. “Next year, we will celebrate the 50th anniversary of the iconic Foot Locker brand. We are excited to introduce our “Lace Up” plan with a new set of strategic imperatives and financial objectives that are designed to set us up for success for the next 50 years.”
Under the leadership of Foot Locker Inc.’s senior management, the “Lace Up” plan was designed to expand sneaker culture, power up the distribution portfolio, and deepen customer relationships both in person and online for an improved full shopping experience that will target fiscal growth through 2026.
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