Despite a slight increase in consumer spending during the first quarter of 2025, we're seeing more and more retailers continue to close physical locations. Foot Locker is one retailer that has already succumbed to this trend, having announced plans to close more than 400 stores by 2026 a few years ago.
This plan is in motion. During a recent earnings call, they announced plans to close more than 100 stores by the end of 2025. Can the company withstand economic downturns? Is your local store on the chopping block? Here's what we know.
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Why is Foot Locker closing stores?
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Sneaker sales have been declining for quite some time, and it doesn't look like the trend is slowing. In fact, Nike recently warned investors to expect a double-digit decline in sales. With its inventory being primarily shoes, it makes sense for Foot Locker to cut its underperforming stores to get ahead financially.
How many Foot Locker stores are there?
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Foot Locker has 668 stores in the United States, including locations in the U.S. Virgin Islands, Puerto Rico, and Guam.
North Dakota, Vermont, and Wyoming are the only states without Foot Locker retail stores.
DICK's Sporting Goods is set to acquire Foot Locker
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While details are slim, DICK's has made some important statements about its Foot Locker acquisition. According to a press release, DICK's plans to operate Foot Locker as a standalone business and brand. This is likely because the brand has already begun to "refresh" some stores.
More specifically, Mary Dillon, CEO of Foot Locker, says that the "reimagined" and "refreshed" stores in 2024 "elevated and improved consistency across our global Foot Locker and Kids Foot Locker doors."
The primary goal for "reimagined" and "refreshed" locations is to provide enhanced product presentations and unique in-store features that enhance the shopper experience. They plan to launch this concept within 300 stores in 2025.
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Shopping pro tip: This month's best deals
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August is here, and with it comes the final stretch of summer. It’s a great time to soak up the season and scoop up hot deals before they fade. Look for savings on:
- Travel and getaway must-haves
- Back-to-school basics
- Clearance swimwear and warm-weather styles
- For grocery savings, grab peak-season produce, like tomatoes, cucumbers, melons, and berries
As retailers shift their focus to fall, August is the last chance to snag summer essentials at unbeatable prices. Shop smart now before the season (and the savings) slip away.
Which Foot Locker locations will close in 2025?
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Foot Locker hasn't announced which locations it will close in 2025. Recent closures, however, include locations in:
- New Haven, CT
- Tampa, FL
- Auburn, MA
- Boston, MA
- Braintree, MA
- Cambridge, MA
- Holyoke, MA
- New York, NY
Foot Locker is expected to announce additional locations over the next few months.
How will Foot Locker closures affect you?
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Unless your favorite location closes, Foot Locker's plans could improve your experience with the brand. Although the brand is expected to close approximately 100 U.S. locations, many of the remaining stores will undergo updates designed to enhance shopping options and customer experiences.
Quick tips: How to prepare for economic uncertainty
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Uncertain times call for a review of expenses that goes beyond simple cost-cutting. Here are some steps for you to consider:
- Build a 6-month emergency fund. Prioritize this above other financial goals.
- Compare rates on big ticket items like auto insurance to make sure you aren't overpaying.
- Delay major purchases when possible.
- Consider a side hustle that can generate income with minimal startup costs.
During challenging economic periods, try to focus on what you can control. And remember that financial resilience isn't built overnight.
History of Foot Locker
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Foot Locker opened its first location in 1974, when Kinney Shoe Corporation, owned by the F.W. Woolworth Company, sought to establish a specialty store catering to consumers interested in athletic footwear.
Today, Foot Locker has around 2,400 stores across 20 countries worldwide.
Bottom line
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As Foot Locker prepares to close 100 stores this year, loyal shoppers can feel assured that the brand is actively working to improve shopping experiences. The DICK's acquisition should also enhance the products available across both brands.
No matter where you choose to buy your athletic wear, though, be sure to use one of your top cash back credit cards to make the most of your purchase.
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