Is Foot Locker Closing Stores? Is It Going Out Of Business In 2024?

With more and more retailers announcing closures this year, customers are wondering if Foot Locker too will go down this road.

This year many companies, including Bed, Bath & Beyond, Macy’s, Gap, etc., announced stores are closing, and Foor Locker has joined the unfortunate battle too.

Find out the list of Foot Locker closing stores and the reason behind this decision in this article.

List Of Foot Locker Closing Stores

Is Foot Locker Closing Stores?

There were around 1,300 Foot Locker stores in malls in North America, but now the company has decided to close down 400 of its stores by the end of 2026 to focus on better-performing outlets.

So Foot Locker will be closing 25% of its stores in A and B-rated malls along with 50% of its stores in C and D-rated malls.

And not only this, but Foot Locker also plans on opening 300 “new concept” stores, even outside of malls, by the end of 2026.

Why is Foot Locker Closing Stores?

Foot Locker is closing 400 stores as a part of their “Lace Up” strategy that aims to reduce the number of poor-performing outlets and open more new concept stores to appeal to the younger generation of customers.

Like many major retailers, Foot Locker is also forced to take such an adverse action as a cost-cutting measure amidst soaring inflation and to stay relevant in such changing times.

By closing down 400 stores, the company said it would be able to focus on its better-performing outlets and alongside will be able to open new concept stores.

“We will increase our square footage by 10% 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,” said Anthony Aversa.

List of Foot Locker Closing Stores In 2023

As mentioned above, Foot Locker is set to close 400 stores in the nation by the end of 2026. Unfortunately, the company has not made the list of closing stores public yet.

However, we do know that a majority of the Foot Locker closing stores are from the malls.

Is Foot Locker Closing Stores Permanently?

Yes, Foot Locker is set to close 400 of its under-performing stores permanently that are located in class A & B and class C & D malls.

The company also plans to close down 125 of its subsidiary company, Champs Sports stores.

However, there are still over 900 stores that the customers will be able to shop from, along with the new concept store that the company is planning to open by the end of 2026.

Wrap Up

With consumer’s unwillingness to loosen their wallet strings, soaring inflation, and changing shopping ,preferences it is becoming hard for companies to sustain in the market today.

Foot Locker is one such big retailer that is all set to close down 400 stores as a result.

Hopefully, the company’s plan to open a new concept store would help them get back on their feet again.

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