Major Shoe Retailer Closing In New York State
A major shoe retailer is closing hundreds of stores across New York state.
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In the next few years, prepare to see 400 stores shut down as a major retailer works to relaunch its brand.
Foot Locker was founded nearly 50 years ago, and they have managed to expand into 28 different countries, but they are putting any further advances to a halt at this time as they strive to “become more relevant to younger shoppers” by relaunching the retail brand.
How Will They Relaunch?
Foot Locker is planning to introduce experimental new store concepts by simplifying the day-to-day operations and closing the underperforming mall-based stores.
Some of those stores are located in New York, and together, those 400 stores account for nearly 10% of Foot Locker’s total sales, according to the Foot Locker senior vice president of store development.
Foot Locker will still be available in some locations, with more than 3,000 Foot Locker stores operating across the globe, but a good portion of those will be closed in the near future.
Of the store closures, there will be 125 stores eliminated from the Champs Sports locations, which will be closed at some point this year.
While sales have been down this year so far, Foot Locker is confident that they will be on the rise by the time September 2024 rolls around, which will be their 50th anniversary.