Champs Sports is a major retailer and subsidiary of Foot Locker that sells products like footwear, apparel, equipment, etc.
The recent news of Champs Sports closing stores has made customers curious as to why is this retail giant taking such a step.
In this guide, we have revealed the reason behind this shocking decision, along with the list of Champs Sports closing stores in 2023.
Is Champs Sports Closing Stores?
Yes, in a recent meeting Foot Locker, Inc., the sister store of Champs Sports, announced that they plan to close down 400 of its Foot Locker stores and 125 of its Champs Sports stores by the end of 2026.
This closure represents 10% of the chain’s total sales.
The closure news comes after the company released its sales figures for the fourth quarter of 2022, which revealed a 0.3% drop in sales figures as compared to the previous year.
Additionally, the executives of the company also added that they are expecting a sales drop of 3.5% to 5.5% this year.
Why is Champs Sports Closing Stores?
Champ Sports is a go-to place for shoe-enthusiast. The retailer made it very easy to find any kind of shoe, be it sports, sneakers, training boots, or other fashionable apparel.
However, the change in how people buy these items now and their shift to online shopping has forced even such big retailers to change their strategy to win over customers.
So as a part of the company’s “Lace Up” plan, Champs Sports will be closing 125 of its stores this year. And the officials also said that as a part of their new plan, they would focus on higher-performing locations.
List Of 125 Champs Sports Closing Stores In 2023
Foot Locker has not revealed the list of 400 Foot Locker and 125 Champs Sports that they will be closing.
But we do know that some closing stores are in 200 C/D malls and some in 200 lower-performing A/B malls.
Mary Dillon, the CEO of Foot Locker, also said that they would be shutting down “underperforming mall stores” mostly.
Is Champs Sports Closing Stores Permanently?
Yes, Champs Sports will be closing down 125 of its stores permanently.
However, at the same time, the company also plans to add hundreds of new stores in the coming years.
In an interview, Tony Aversa, Senior VP, added, “We will increase our square footage by 10 percent to over 14.5 million square feet as we open up larger, more experiential expressions of our brands with a wider product assortment. New formats will surpass 400 locations.”
Champs Sports is all set to close down 125 stores, and its sister company Foot Locker also plans to shut down 400 stores by the end of 2026.
The changing consumer preferences and spending habits have led major retailers, including Tuesday Mornings, Macy’s, Walmart, etc., among many other companies this year, to close down stores.
However, the silver lining is that as a part of their “Lace Up” strategy, Foot Locker plans to also open hundreds of Foot Locker & Champ Sports stores, and the executives are quite positive about the company’s future.
Shefali Jain is a Content Writer & Editor at USWorkforce.org
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes. In her time at the organization, she has written and edited content on a range of topics, including employment law, human resources, and business management.