A POPULAR retailer is about to close another location, holding liquidation sales with up to 50% off.
The impending closure is part of the retailer’s restructuring efforts that involve a wave of hundreds of closures.
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Foot Locker announced plans in the spring of last year to close more than 400 locations in North America.
The company has about 1,300 stores in malls across North America, and Foot Locker expects to close up to 420 by 2026, for Fox.
The closures are part of the athletic apparel and footwear company’s rebranding efforts, which focus on high-performance stores and new concepts.
Foot Locker expects to close 25% of its stores in A and B rated malls and 50% of its stores in C and D rated malls.
One of the stores at risk is the Foot Locker at the Genesee Valley Center in Flint, Michigan.
The US Sun reached out to Foot Locker and confirmed that it is scheduled to close on June 21st.
The location will hold clearance sales starting at 25% off and increasing up to 50%, with a similar sales structure at other closing Foot Lockers.
Foot Lockers at malls across the U.S. have been closed in recent months, including one in Fairfield County, Connecticut, Harrisburg, Pennsylvania, and Rochester, New York.
RESTRUCTURING PLANS
As Foot Locker closes hundreds of underperforming malls, the company plans to focus on bolstering its independent stores with new concepts.
“We are entering 2023 focused on redefining the business – streamlining our operations and investing in our core brands and capabilities to position the company for growth in 2024 and beyond,” said Foot Locker President and CEO Mary Dillon when the concepts were initially launched. introduced.
The company announced its “Lace Up” plan, which included opening independent stores with niche customers in mind, including sneaker lovers, children and wealthier shoppers.
“We are extremely excited to introduce our ‘Lace Up’ plan with a new set of strategic imperatives and financial objectives designed to set us up for success over the next 50 years,” said Dillon.
Foot Locker planned to open 300 standalone stores under the new community, gaming house and power store concepts.
The community stores are planned to be 15,000-square-foot stores in locations with a “strong affinity for sneakers.”
Our new store concept cements Foot Locker’s position as a leader in sneaker culture, offering an immersive, cutting-edge shopping experience for sneakerheads.”
Maria Dillon
Foot Locker also planned to open 7,500-square-foot playhouses, selling primarily children’s products.
Additionally, executives planned for the Power Stores to be 10,000 square feet and offer an “elevated experience” in commercial areas with a wide range of customers.
Willowbrook Mall in Wayne, New Jersey opened a new Foot Locker energy store in April.
The store features an immersive and intuitive layout, advanced digital features technologies and a new common area of experimentation.
“Our new store concept cements Foot Locker’s position as a leader in sneaker culture by offering an immersive, cutting-edge shopping experience for sneakerheads,” said Dillon.
“As we continue to progress our Lace Up Plan, this inventive retail experience delivers on our promise to strengthen the portfolio while delivering an unparalleled, omni-focused customer experience.”
In related news, a popular women’s wellness company announced its sudden closure due to lack of funding.
Additionally, Red Lobster confirmed eight more restaurants at risk after filing for bankruptcy.
This story originally appeared on The-sun.com read the full story
