HARRISBURG, Pa. (WHTM) — Foot Locker announced during a recent investor meeting that it plans to close more than 400 stores inside shopping malls, according to Business Insider.
Foot Locker says the closures are part of its newest business plan that it refers to as “Lace Up.” The plan is meant to act as a “reset” for the retail sneaker chain.
Part of the reset includes the closing of 400-plus shopping mall locations and then the start of opening free-standing store locations for niche audiences, according to Business Insider. Though Foot Locker will be closing an estimated 420 low-performing stores by 2026, they then, in turn, plan to open more than 300 new, free-standing stores.
According to Business Insider, Foot Locker plans to unveil three new store formats, including:
- 15,000-square-foot “community” stores designed for areas with a “strong affinity for sneakers”
- 10,000-square-foot “power” stores designed to provide an “elevated experience” in areas with a “broad set of consumers”
- 7,500-square-foot “house of play” stores focused more on children
According to Foot Locker’s website, they currently have approximately 2,700 retail stores across the globe, which includes North America, Europe, Asia, Australia, and New Zealand.
It is still unknown as to what specific stores Foot Locker will be closing or when those store closures will be announced.
Foot Locker has been reached for comment but did not respond.