Foot Locker announces it will be closing more than 400 stores in malls across the country.
On Monday, Foot Locker officials announced plans to close around 400 underperforming stores by 2026, including 125 of its Champs Sports locations this year.
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.
“So these are just a couple of examples of early wins that we’re seeing and our ability to both expand wallet share and broaden our customer reach, which gives us great confidence in our growth plans,” Dillon said during the presentation, Business Insider reported.
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