Footlocker to Move Headquarters to Florida After Stronger Q2 Sales

The multinational sportswear & sneaker retailer, Footlocker, recently announced they will be re-locating their headquarters from New York to Florida to reduce operating costs.

If you’ve walked down a high street in a major city or town across the UK over the last 30 years then the chances are you’ve walked past a Footlocker. The iconic American sports referee inspired uniforms and walls clad with basketball sneakers that previously could only be purchased from authorised stockists like Footlocker. However with economic uncertainty, changing sneaker trends and an ever growing resale market, Footlocker has seen a decline in sales for the last year and a half announcing previously their plans to streamline their business operations with cost cutting incentives to close 400 stores by 2026. For Q2 2024 Footlocker have returned to growth, with an increase in sales of 2% to $1.9 billion. Footlocker also confirmed in a recent press release their plans to close stores and e-commerce sites in Denmark, Norway & Sweden by mid 2025. It was also confirmed that Footlocker will be moving their current Midtown Manhattan headquarters to St. Petersburg, Florida in another bid to reduce operating costs.

Footlocker also recently completed store updates for 67 stores in the same quarter as part of its plan to revamp the majority of their stores by 2025 including a revamped New York flagship store. Overall net losses for Q2 widened from $5 million to $12 million with (FL) share prices dropping on the announcement of the results. With more uncertainty ahead for retailers in general, cutting operating costs is a pro-active approach to turning things around for the multinational sportswear & sneaker retailer. However as JD Sports look to further muscle in on the USA with its recent acquisition of Hibbett, will this cause further complications as Footlocker look to turn their losses around? Don’t forget to subscribe to Sneaker Jobs & follow @sneaker_jobs to keep up to date with all the latest industry news.