With the rise of E-commerce, retail stores have been in decline in recent years. The convenience of shopping online has made the retail experience obsolete. It looks like the sneaker business is no different.
According to reports, Foot Locker will be closing about 110 stores in 2018. The company made the announcement this past Friday. Additionally, they added that they would open about 40 new stores.
“We continue to prune the fleet of under-productive stores and open a few select, high-profile stores,” Footlocker CFO Lauren Peters said.
“The disruption that has characterized the retail industry recently is not going away,” Foot Locker CEO Richard Johnson said on Friday. “Consumers want experiences, they want cool products, and they want it all fast.“
Foot Locker closed 147 stores worldwide in 2017. They opened 94 new locations last year as well. The retail giant is making an effort to be more strategic with their locations. The decline in mall traffic has also contributed to Foot Locker locations losing traffic. Many mall-centric stores have struggled to keep sites open. Even stores like Macy’s and Sears that have always been anchors in malls across America are closing locations.