March 7th, 2018
Sign of the Times: Foot Locker Plans to Close Over 100 Stores
As many of you are well aware, store closings have been an ongoing trend for retailers – especially those who’ve failed to adjust properly to the digital age. As consumers continue to shift their shopping habits to online retail, more and more brick and mortar stores are closing around the world. In fact, Foot Locker, a chain who’s become an iconic brand and a fixture in malls all across the country, has just announced plans to shut more than 100 stores. It tells you a lot when even major, established brands like Foot Locker have to make massive overhauls to their organizational structure in the face on an ever-changing economy which becomes more and more digitized by the minute.
As our CDMO Peter Gold says, “these companies need to adjust or be dust.” I think that’s the perfect way to describe what’s happening now with companies like Foot Locker – and the interesting part is this is something Peter and I have been talking about for years. Peter was even interviewed last year by several trade publications where he expressed this exact idea and the need for companies to gear more of their activities to satisfying the growing needs and demands of online shoppers.
As digital devices like tablets and smartphones only continue to become more affordable and prevalent throughout the world, companies that fail to act upon the associated sea change in consumer behavior will either sink or swim. We’re seeing many of them sink right now. While it’s a challenging time for many retailers, Market America and SHOP.COM were built for this!