adidas is the latest company to announce it will be closing several of its brick and mortar stores this year in order to focus more on its online sales. This follows the news that Footlocker will be closing around 110 stores in the United States in 2018 alone.
Speaking with the Financial Times, adidas CEO Kasper Rorsted said “over time, we will have fewer stores but they will be better.”
This falls in line with what analysts are calling the “retail apocalypse,” with in-store sales falling across the board and a growing number of retailers shifting their focus to e-commerce.
Rorsted added, “Our website is the most important store we have in the world. It has priority when we hire, when we allocate our resources and when we build our infrastructure.”
adidas has previously said that it wants to more than double its e-commerce sales to €4 billion ($4.91 billion) by 2020. The German sportswear giant generated around €1.6 billion in online revenue last year.
For the full story, head to the Financial Times piece here (subscription required).
In other news, Supreme announced its collaboration with RIMOWA. Check it out here.
- Source: Financial Times
- Photography:Spencer Platt / Getty Images