WOW FOOT LOCKER… WHAT’S GOING ON? MORE DETAILS INSIDE!!!
Retail stores have constantly declined in recent years and continue to drop. The convenience of shopping online has made the retail experience antiquated, the sneaker business included.
In 2018, Foot Locker will be closing approximately 110 stores according to reports. The company made the announcement this past Friday. However, with the closing of 110 stores, the company has stated they will open about 40 new stores.
“”We continue to prune the fleet of under-productive stores and open a few select, high-profile stores,” Foot Locker CFO Lauren Peters said.
In the previous year, 2017, the company closed 147 stores worldwide with new openings in 94 locations. Foot Locker is making an effort in being more strategic in their location.
The decline in mall traffic also contributed to Foot Locker losing traffic. But, Foot Locker is not the only retail store suffering. Macy’s and Sears that were known as the anchors in malls throughout America are currently closing locations.
On Friday, the company reported a net loss of $49 million. The shares of Foot Locker dropped more than 13% following Friday morning’s announcement.
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