Foot Locker Closing Stores As Part Of A Restructuring Plan!

 In News, Sneakers

foot-locker-closing-storesLooks like we need to do a couple of sequels for 2023’s news recap. Because at this point, it’s hard to follow up with all the shit that’s going down in the industry. It’s like a raging bull let loose! And just like that uncontrollable bull case, we can’t do anything about the damages happening. All we can do is sit and wait for everything to cool down (while copping hot kicks, of course). But maybe we should do the sitting after today’s topic. Because today fam, we’re here to let you know: Foot Locker closing stores has been announced. And we ain’t really sure how to feel about it if we’re being honest. 

Now that we think of it, shit’s been hitting the fan ever since Adidas gave up on Kanye. And then misfortunes broke through one after the other. From Nike terminating its partnership with Kyrie, Adidas losing money because of unsold Yeezy stock, rumors of taking Ye back, and Eastbay shutting down, to Nike hitting retailers with new rules and Tom Sachs facing serious allegations. And to top it all off, we hear of the Foot Locker stores closing report!

Foot Locker Closing Stores: What’s This All About?

Two weeks ago, Foot Locker reported its fourth-quarter 2022 results. And although some parts weren’t looking pretty good, Foot Locker included in that same report its long-term strategy for resetting the brand as a whole. In fact, the retail giant painted a great picture, as it announced a 0.9% increase in its net sales compared to 2021. However, according to Forbes, the company’s net income decreased from $103 million in 2021, to $19 million. So, after facing such results, Footlocker had to act fast. And acting fast the company did, as it revealed a new strategy- Lace Up- to boost them revenues and decrease losses, and as a result increase net income. 

So, here’s the thing about this strategy. Foot Locker intends to direct its focus on better-performing stores and shut down some of its underperforming stores. Logic! So, Foot Locker owns nearly 1,300 stores in US malls. Those malls ain’t all high-performing ones. You got A and B-rated, and C and D-rated malls. By 2023, the company intends to do is close 25% of its stores in A and B-rated malls, and 50% in C and D-rated malls. Which amounts to 420 stores!

However, Foot Locker closing stores ain’t the only thing happening in the upcoming several years. Matter of fact, the company plans to open over 300 “new concept” stores, but outside of malls. So, now that we’ve come to know the reasons behind Footlocker stores closing, news doesn’t seem as bad as we thought. In fact, the company’s future vision and goal lies in increasing revenues by $1 Billion to reach $9.5 Billion, by 2026. And opening “house of play” stores to market youngsters’ products are also part of Footlocker’s long-term strategy!

How Does This Affect Sneakerheads?

footlocker-store-closingsWell, with foot locker closing stores, sneakerheads might lose a store or two close to them. But y’all know that this ain’t the end of the world, don’t you? Foot Locker can look for ways to boost its gains, while sneaker collectors and resellers buy their kicks online. And if hyped and highly-coveted kicks are their aim, then copping off sneaker brands’ official websites is the way to go! However, it ain’t as easy as going into Foot Locker, picking the sneaker you want, then checking out. In fact, many people, especially those who cop manually don’t even reach checkouts before the stock is sold out!

So, what y’all need to do is get yourselves a great sneaker bot, which helps you beat the competition to checkouts using its superhuman speed. However, since one sneaker giant been a little busy with its plunging sales, and another sneaker classic brand is taking its last breaths in the resale market, your best bet is to buy Nike and Jordans. Not only are the upcoming drops hot as heck, but they’re making resellers chunks of money! However, not any sneaker bot can help you cop the heck outta hyped Nike kicks other than a Nike bot itself! And there’s a whole list of them. And if you’re dead serious about copping sneakers, you can boost your game by getting great proxies and Nike accounts! Till next time fam!

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