Foot Locker is closing 400 shopping mall locations to prioritize better earning stores.
At an investor day in New York, Foot Locker executives announced a new business plan called “Lace Up,” aiming to reset the company. One of the significant components of this plan is the closure of more than 400 stores in shopping malls.
Tony Aversa, senior vice president of store development, said these 400 stores account for nearly 10% of Footlocker’s total sales.
In North America, Foot Locker currently operates approximately 1,300 mall-based stores.
The company did not announce specific stores it expects to close, but said it would be closing half of lower-performing stores in C- and D-rated malls and a quarter of stores in A- and B-rated malls so it could focus on its top-performing stores.
Foot Locker recently opened a “power store” in the Dallas area as part of its growth plans. According to Foot Locker CEO and President Mary Dillon, this store has successfully attracted an older and higher-income customer base.
During the investor day presentation, Dillon highlighted that the median household income of the Dallas store is 30% higher than Foot Locker’s average.
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