Footwear and sportswear retailer Foot Locker is shifting its headquarters from New York to Florida, with cost-cutting playing a key factor in the decision.
In March last year, Foot Locker introduced its “Lace-Up Plan” aimed at reshaping the company’s real estate footprint and propelling growth.
“To further support strategic progress against the Lace Up 2Plan, Foot Locker, Inc. is also announcing that it will move its global headquarters to St. Petersburg, Florida, in late 2025,” the company said in an Aug. 28 statement.
“As such, the company plans to maintain only a limited presence in New York City going forward.”
Foot Locker said the relocation aims to “further build on the company’s meaningful presence in St. Petersburg” as well as reduce costs.
As part of the Lace-Up Plan, Foot Locker announced closing down stores and e-commerce operations in South Korea, Denmark, Norway, and Sweden. It also signed an agreement with retail operator Fourlis Group in southeast Europe to transfer operations in Greece and Romania.
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These actions are estimated to result in the closure of roughly 30 of the company’s stores in Asia Pacific and Europe. The changes are set to be finished by the middle of next year. In the second quarter, the firm had closed 31 stores while opening five. The company currently has 2,464 stores in 26 nations across the world, with 772 outlets in the United States. […]
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