In a significant bid to rejuvenate its brand and reengage with Wall Street, there’s now an upcoming Foot Locker new store concept unveiled at the Willowbrook Mall in Wayne, New Jersey. This marks the first of five such innovative spaces planned to open this year. The newly designed stores, part of the retailer’s aggressive “Lace Up” strategy announced in March by CEO Mary Dillon, aim to reverse a downturn in sales and maintain the loyalty of crucial brand partners.
This Foot Locker ‘store of the future’ concept is not just a store. It’s an experience. It’s a departure from the traditional mall setup, offering a dynamic ‘drop zone’ for the latest sneaker releases, a communal try-on area, and advanced product displays known as ‘sneaker hubs’ that allow for customization options like specialized lacing. These innovative features are designed to captivate sneaker enthusiasts, drawing them away from brand websites or other retail locations.
Per CNBC, the Foot Locker Willowbrook Mall transformation includes modernizing its associates’ iconic black-and-white striped uniforms, reflecting a blend of contemporary style and personalization. According to Frank Bracken, Foot Locker’s Chief Commercial Officer, this redesign is about aesthetics and enhancing the in-store experience to make it a destination brands are eager to be part of.
Foot Locker’s ‘store of the future’ concept is not just a local phenomenon. It’s set to expand to key cities, including New York City, Paris, Melbourne, and Delhi, strategically chosen ahead of major events like the Summer Olympics. This expansion plan showcases Foot Locker’s astute planning and commitment to rejuvenating its physical store presence, which still accounts for 80% of its revenue.
The revitalization of Foot Locker’s stores is not a small-scale project. It’s a comprehensive overhaul, with plans to revamp approximately 900 other stores between 2024 and 2025, incorporating similar design elements and merchandising standards. This extensive refresh, representing a symbiotic relationship between the new concepts and existing stores, is part of a substantial $200 million investment earmarked for this and next year.
Despite the challenging retail environment and a 29% year-to-date decline in its stock price, Foot Locker remains steadfast and optimistic. The retailer’s revamped approach coincides with a shift among sneaker brands like Nike, which recognizes the value of wholesale partners after focusing on direct sales. This renewed partnership support is crucial for Foot Locker’s recovery and growth.