It could be just another sign of online shopping taking over the retail world, or perhaps a long-term effect of the shutdowns during the Pandemic. Whatever the reason, shopping malls in America seem to be going the way of the dinosaur. Malls all across the country now have storefronts sitting empty or boarded up with no occupants.
It wasn't that long ago that the mall was the place to be for the youth. It was basically one stop shopping for all your retail needs. You could find a new pair of sneakers, a fresh outfit, any kind of music you were into, and one of those mouthwatering Mrs. Fields cookies all under one roof. Nowadays many malls are either a shell of their former selves or closed down altogether. Foot Locker has recognized this trend and decided to close down some 400 of its existing 2,700 brick and mortar stores nationwide by 2026. This plan comes in contrast to recent reports of JD Sports adding 1,750 new retail outlets to its portfolio.
According to Business Insiders, Matthew Kish the brand isn't just packing up and going home. Their plan is to open more standalone operations outside of shopping malls as it looks toward the future. The plan is already underway with a handful of locations already being closed.
Kish also reports that at its recent investors meeting the sneaker selling giant is launching what they call a “Lace Up” plan. The plan calls for the brand to “Expand Sneaker Culture” with engagements and occasions. They also plan to “Reset the Company’s loyalty program”, if you’ve spent years building a FLX account this part is especially concerning. If your local mall has more crickets than tenant stores you could see your local Foot Locker packing up shop sometime soon. Hopefully there will be a new standalone store following in its footsteps, but we’ll have to wait and see. For the latest information on sneakers, clothing, and collectibles and to stay up to date with the latest drops, connect with us on Instagram and Twitter.
Information via @matthewkish