The sneaker industry has seen a major shift in recent years, with the rise of sneaker resellers and online stores leading to the closure of traditional sneaker outlets. Last year, Eastbay closed its doors, and now Foot Locker, one of the biggest names in the sneaker game, is downsizing in order to stay in business.
According to reports, Foot Locker will be shutting down almost 400 of its mall-based stores as part of its new “Lace Up” plan. The company is hoping to increase sales at its standalone locations by revamping its approach to sneaker retail.
The “Lace Up” plan includes expanding the sneaker selection at Foot Locker stores, resetting the company’s loyalty program, and improving the online shopping experience. Foot Locker hopes that these changes will help it stay competitive in an increasingly crowded marketplace.
While the closures of so many Foot Locker stores may seem like a cause for concern, the company is optimistic about its future. In a statement, Foot Locker CEO Richard Johnson said, “We believe that, by executing our ‘Lace Up’ plan, we can drive sustainable growth in our business and continue to meet the evolving needs of our customers.”
As sneaker culture continues to evolve, it remains to be seen how other retailers will adapt to the changing landscape. But for Foot Locker, the “Lace Up” plan represents a bold step forward as it looks to remain a major player in the world of sneaker retail.