The largest footwear retailer in the United States is about to shed even more weight this year. Foot Locker Inc. will close approximately 110 stores in 2018 as it continues to adjust to the changing landscape of retail. As consumers continue to gear towards purchasing products online, retailers have to re-think the in-store experience by offering better, exclusive products while making the shopping trip more immersive. Their House of Hoops concept stores (which originally launched in late 2007) are an example of refreshing the retail experience as it is focused solely on the sport of basketball while offering exclusive products that can’t be purchased anywhere else. Additionally, the retailer has teamed with Nike for a pop-up shopping experience called the Sneakeasy; these temporary events, which launched in NYC and Boston, have served consumers with even more exclusive product in a highly experiential setting.
Many of the 110 stores that will close sit inside deteriorating malls that continue to struggle, but Foot Locker is counteracting this mass exodus by opening 40 new stores in better locations. Similarly in 2017, Foot Locker closed down 147 stores, but actually opened 94 new ones with refreshed interiors.
Foot Locker is not the only victim to the changing shopping trends; major retailers such as Macy’s and JCPenney are heavily affected as shopping continues to move to the digital space.
Source: businessinsider
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