In an effort to reverse its sales decline, Foot Locker has unveiled a new and improved store concept at a New Jersey mall. The “store of the future” features a streamlined layout with more immersive elements, breaking away from the traditional two-wall-of-shoes format. It includes a “drop zone” for new sneaker releases, a communal try-on area, elevated brand product displays, and a “sneaker hub” for customized options like specialized lacing. Even the iconic black and white striped uniform worn by Foot Locker store associates is getting an updated look. The new store, located at the Willowbrook Mall in Wayne, is the first of five slated to open this year. It is a critical part of the retailer’s “Lace Up” strategy, which aims to revitalize its store footprint and includes plans for new off-mall locations, store closures, and refreshes. Foot Locker spent $242 million on remodeling and new store construction in fiscal 2023 and plans to invest another $200 million in real estate projects this year, with the intention of redesigning 900 stores by 2025. This shift in Foot Locker’s real estate strategy comes as the retailer faces ongoing sales challenges and a declining stock price. It hopes to attract customers who are shopping outside of malls and provide sneakerheads with a reason to visit its stores instead of going directly to a brand’s website or store. To address concerns from brand partners, such as Nike and Adidas, the new store designs prioritize elevated brand storytelling and enhanced product displays. Foot Locker believes it is well-positioned as a critical, strategic retail partner in the future, especially as brands like Nike realize the importance of wholesalers for their own growth.
Foot Locker Unveils New Store Concept to Reverse Sales Slump
