Foot Locker's Closing Stores to Make Way for Better Ones
In March, Foot Locker announced they'd be closing more than 100 stores in the United States this year. News articles surfacing afterwards claimed a ‘retail apocalypse’ as the reason, but the Locker’s CEO Dick Johnson believes they missed the mark.
Closing stores is not out of the ordinary as the company has seen 1000 stores shut down in the past 10 years. At a summit held by the Footwear Distributors and Retailers of America (FDRA) in May, Johnson focused on the importance of new stores opening and how it was an opportunity for the company to offer a better experience for shoppers. Specifically, the 40 new stores that planned to open could be tailored to each market by collaborating with local artists and influencers.
Despite the size-down, Foot Locker have still seen an incline in sales, especially at the remaining stores. Be sure to keep watch for the new and improved stores!