Foot Locker is pursuing a comeback strategy after its breakup with Nike by diversifying its sources of footwear and apparel merchandise, investing in digital growth, and exploring new partnerships and collaborations.
1. Diversifying Product Assortments: Foot Locker is incorporating a wider range of brands into its product offerings to lessen its reliance on any single brand. Even though Nike merchandise still holds a significant part in Foot Locker’s inventory, other brands like Adidas, Under Armour, New Balance, and Puma are also gaining spaces on the shelves.
2. Investing in Digital Transformation: In response to changing consumer behaviors, Foot Locker has adjusted its business model to emphasize e-commerce and digital operations. This includes improving its online shopping experience, integrating its online and physical stores, and strengthening its logistics network to support a higher volume of online orders.
3. Exploring New Collaborations: The company has been looking for new partnerships and collaborations to broaden its appeal. These collaborations could be with emerging brands, music artists, sports stars, or streetwear labels that resonate with younger consumers.
4. Enhancing Shopping Experience: The company is revamping its stores to create an experience-focused shopping environment. This includes integrating technology into stores, launching interactive shopping experiences, and remodeling stores to provide a more inviting atmosphere for shoppers.
5. Building Relationships with Emerging, Minority-Owned Brands: In the wake of Black Lives Matter protests, Foot Locker announced a $200 million commitment over five years to support Black-owned businesses and communities. This includes breaking down barriers to
