Another Major Retailer With 3 Locations in CNY is Closing Over 400 Stores
Another one bites the dust. One major retailer is closing more than 400 stores across the country.
Foot Locker announced the closing of 420 stores inside shopping malls over the next few years as part of its plan to 'reset' the company.
"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," Dillon said in the Foot Locker earnings release.
Lace Up Plan
2024 will mark the 50th anniversary of the iconic Foot Locker brand. To celebrate, the company is introducing the "Lace Up" plan for the next 50 years.
- Expand Sneaker Culture: Serve more sneaker occasions, provide more choice, and drive greater distinction.
- Power Up the Portfolio: Create more distinction among banners, including re-launching the Foot Locker brand, and transforming the Company's real estate footprint by opening new formats, shifting off-mall, and closing underperforming stores.
- Deepen Customer Relationships: Reset the Company's loyalty program and elevate the customer relationship through enhanced analytical capabilities.
- Be Best-in-Class Omni: Improve the customer experience online through the full shopping journey.
In connection with its new strategic direction, the Company has set the following long-term financial targets for fiscal years 2024 through 2026.
Foot Locker Locations
As of January 28, 2023, the Company operated 2,714 stores in 29 countries in North America, Europe, Asia, Australia, and New Zealand. There are two Foot Locker stores in Central New York malls but there's no word on whether they will be affected by the closings yet.
Sangertown Square Mall - New Hartford
Destiny USA - Syracuse
Foot Locker is among the laundry list of major retailers planning to close store doors over the next several years.
Bed Bath & Beyond
Gap and Banana Republic
Bath & Body Works