Foot Locker streamlines operations by closing 400 mall stores.
Foot Locker plans to close over 400 low-performing stores in shopping malls by 2026 and shift its focus to new concept stores, including free-standing shops targeting niche consumers such as sneakerheads, children, and higher-income shoppers. The company aims to increase its annual revenue by $1 billion to $9.5 billion by 2026 and expects to have about 2,400 stores, which is 300 fewer than it currently has. Foot Locker is also revitalizing its partnership with Nike and plans to open more than 300 new concept stores by 2026.