Foot Locker to have fewer Nike products
Foot Locker to have fewer Nike products on shelves The popular sportswear and sneaker company has been cutting ties with some of the nation’s largest shoe retailers. Now Foot Locker, another popular footwear retailer, is readying itself to have fewer Nike products on its shelves. Foot Locker announced last week no single vendor is expected to represent more than 60% of its business in 2022. Nike represented 70% of Foot Locker’s business in 2021 and 75% in 2020. This change reflects Nike’s accelerated strategic shift to direct-to-consumer and Foot Locker’s ongoing brand and category diversification efforts,”Foot Locker CFO Andrew Page said in an earnings call. Foot Locker will lean into existing relationships with brands such as New Balance, Puma and Crocs to fill the void. Nike wants to offer customers a “premium experience” by taking more of a direct-to-consumer business approach. The company is planning to designate certain stores or section of stores, solely for Nike products. Nike has yet to announce what measures it will take at retailers like Dick’s Sporting Goods and Finish Line. Previously, Nike yanked products from Dillards, Macy’s, Urban Outfitters, Olympia Sports, Shoe Show and Zappos — and most recently from DSW stores. There are currently 34 Foot Locker stores throughout New Jersey and over 2,900 nationwide. Read the full article
