Foot Locker is stepping away from many of the nation’s malls as it looks to better connect with customers.
The company, at an investor day event on Monday, announced plans to shut down up to 420 stores in malls around the country as part of a corporate “reset” that will include “experimental” new store concepts and a focus on sneakerhead culture.
Foot Locker has locations in roughly 1,300 malls around the U.S. It plans to shut down underperforming locations. That will be balanced, however, by the opening of 300 “new concept” stores in that same time frame.
Within three years, it hopes to see 50% of revenue coming from non-mall stores, compared to 35% today.
The company’s “Lace Up” strategy will target the growing number of sneaker enthusiasts, who express themselves via their footwear.
That will manifest in 15,000-square-foot “community” store locations.
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