Foot Locker to close 400 mall stores as it shifts focus to niche shops for sneakerheads, kids, and higher-income shoppers
Foot Locker said it will close more than 400 stores in shopping malls, part of a new business plan meant to"reset" the company.
The plan seemingly left Wall Street unconvinced. Foot Locker shares were down more than 5% for the day despite the stock market trending slightly upward. Foot Locker alsoThe company didn't immediately respond to an email from Insider seeking details on expected store closures. While closing hundreds of underperforming mall-based stores, Foot Locker plans to open more than 300"new concept" stores by 2026, including outside of malls. By 2026, the company expects 50% of its revenue to come from outside of malls, up from 35% today.
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