New York City — Foot Locker will close more than 400 underperforming stores as part of its “Lace Up” plan, announced during the company’s 2023 Investor Day call.
According to Tony Aversa, senior vice president of global store development, the move is part of a strategy to manage portfolio risk by way of strategic closures. The company currently operates 2,700 locations, which will be reduced to approximately 2,400 by 2026, a number which also reflects the planned addition of stores in new formats.
Despite the closures, Foot Locker intends to increase its square footage by roughly 10%, to 14.5 million square feet, by 2026. Foot Locker will also shift to a focus on off-mall stores, with the goal of off-mall locations comprising greater than 50% of its real estate portfolio by 2026.