Foot Locker shutting down 110 stores this year.
Foot Locker has announced plans to shut down approximately 110 stores across the United States this year while also opening 40 new stores, according to Business Insider. The company closed 147 stores and opened 94 new locations globally in 2017, which brought the store count to about 3,310 world worldwide.
"We continue to prune the fleet of under-productive stores and open a few select, high-profile stores," CFO Lauren Peters said in a call with investors on Friday, per Business Insider.
According to Business Insider, Foot Locker CEO Richard Johnson says the company is looking to reduce the retailer's exposure in "deteriorating" malls as more and more consumers are skipping trips to the mall altogether in favor of online shopping. Major retailers such as Macy's and JC Penny have also felt the impact of this "retail apocalypse."
"The disruption that has characterized the retail industry recently is not going away," Foot Locker's CEO Richard Johnson said on Friday. "Consumers want experiences, they want cool products, and they want it all — fast."
It's unclear exactly where the new Foot Locker stores will be located, but you can bet they won't be at your local mall.