Foot Locker is planning to close 400 Foot Locker and Champs Sports stores across the country by 2026, the retailer announced Monday.
The stores set to close account for nearly 10% of Foot Locker’s total sales, according to Anthony Aversa, Foot Locker senior vice president of store development.
According to CNN, Aversa announced the closings during the company’s investor day on Monday.
The brand will try to reach younger shoppers by introducing “experiential” new store concepts and relaunching its retail brands, investors were told.
The new store concept and selling strategy — called the “Lace Up”— will focus on different types of athletic shoe shoppers.
There are about 1,300 Foot Locker stores in malls in North America. The company said it anticipates closing 25% of its locations in A- and B-rated malls and 50% of its stores in C- and D- rated malls.
Under its corporate umbrella, Foot Locker operates more than 3,000 Foot Locker, Kids Footlocker, Champs Sports, WSS and atmos stores globally.
Some of the stores to be closed include 125 underperforming Champs Sports stores. Those stores will be closed this year, Aversa said.