Foot Locker announced last Friday that it plans on closing approximately 110 of its retail locations in the United States in 2018. This decision is due to what Business Insider describes as the “retail apocalypse,” which has left malls and golf courses across America abandoned.
In addition to purging itself of “under-productive stores,” as CFO Lauren Peters said in a call with investors, the retailer will open some 40 new “select, high-profile” stores.
This comes after Foot Locker closed 147 stores and opened 94 new locations in 2017, bringing the company’s store count to 3,310 around the world. Like many other retailers, the rise of online shopping has had a big impact on its bricks and mortar locations.
“The disruption that has characterized the retail industry recently is not going away,” Foot Locker’s CEO Richard Johnson said on Friday. “Consumers want experiences, they want cool products, and they want it all — fast.”
For the full story, head to Business Insider’s article here.
In other news, adidas has confirmed a restock of the YEEZY BOOST 700 Wave Runner. Read more here.
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- Source: Business Insider
- Main & Featured Image:Foot Locker