Mar 20, 2023 - Economy

Foot Locker closing 400 stores by 2026 as part of "Lace Up" plan

Foot Locker storefront

Foot Locker is closing hundreds of stores in the next few years. Photo: Scott Olson/Getty Images

Foot Locker is taking steps to close 400 low-performing stores by 2026 and 125 of its Champs Sports locations this year, officials announced Monday.

Driving the news: The company unveiled the closures during its Investor Day and officials said they plan to focus on higher-performing locations as part of its “Lace Up” plan.

  • The closing stores are in 200 C/D malls and 200 lower-performing A/B malls, said Tony Aversa, senior vice president of store development.
  • "These 400 stores represent nearly 10% of our total sales," Aversa said.

Yes, but: The company also plans to open hundreds of new concept stores, increasing those locations from around 120 to 400-plus stores by 2026, Aversa said.

Meanwhile, Foot Locker CEO and president Mary Dillon said the company is "revitalizing" its partnership with Nike, which includes a "shared vision of the future marketplace, aligning on growth plans and key strategic areas like basketball, kids and sneaker culture."

  • In recent years, Nike had reduced the number of traditional retailers and websites it allowed to sell its products and shifted more to a direct-to-consumer strategy.
  • “We've reestablished joint planning, as well as data and insight sharing so that we can better serve customers and the fruits of our renewed commitment to one another will begin to show up and holiday this year,” said Dillon, who joined the company in September.
  • Chris Santaella, Foot Locker’s chief merchandising officer, said Monday that the company plans to feature more LeBron James and Kevin Durant retro Nike shoes for the holiday season.

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