Since it is more and more difficult to maintain a steady flow of foot traffic into a retail store having a variety of ways to bring customers in is the key to every retailer’s success. Power Stores are also experiential in the sense that they also contain event spaces for DJs and community events. If Foot Locker supports creators with large followings within the local community then Foot Locker also has the opportunity to tap into their followings and convert those consumers into its own customers. Having merchandise from local creators also gives consumers another reason to go to Foot Locker instead of a Nike store. Foot Locker is not just paying lip service to an important cause it is making a real investment to give back to the community. With the COVID-19 pandemic having a disproportionate impact on small businesses there is already a movement to support local communities and this strategy sets Foot Locker up for success. Using a similar approach for its Power Store in Vancouver, a city with a diverse population, Foot Locker committed to hiring members of the community surrounding its store who speak a variety of languages including Mandarin, Korean, Spanish, Punjabi, Vietnamese and Cantonese. Even the merchandise in the store has a local bent with exclusive limited release product from local brands including Viva La Bonita, Ugly Primo, Mel Depaz and K-Swiss x Mike Reesé featured in the store. Compton Mayor Aja Brown says the store is "a beautiful addition to the community," one that will "provide our residents with the access and respect for our hard-earned money that we deserve."
One way it does this is through its Power Store format which launched in 2019. Power Stores are not just stores but community hubs which bring people together and showcase local talent.įor the launch of a Power Store in Compton Los Angeles last year Foot Locker committed to hiring employees who lived within a five-mile radius of its Power Store by partnering with the City of Compton to aid in its recruiting efforts.įoot Locker also commissioned an art installation for both the interior and exterior of its Compton Power Store from local artists. Engage the community. A key element of Foot Locker’s strategy is to have a deeper connection within the local communities it serves. If you are curious about how Foot Locker plans to come back from a disappointing 2020 and compete against a set of formidable competitors take a look at these elements of its strategy.ġ. That is not bad considering the clothing and accessories category was down by 28.5% in the first 11 months of 2020.
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Then throw in the COVID-19 pandemic and you can see that Foot Locker has had its hands full trying to compete.ĭespite a tough 2020 Foot Locker’s sales were only down 5.7% to reach $7.5 billion. Add to that Nike is trying to make more money from the products it creates by selling more directly to consumers.
Never has it been easier to find a rare pair of Jordans simply by going online to see what’s available on GOAT or StockX. But in recent years the sneaker market has become increasingly competitive. For many years sneakerheads have flocked to Foot Locker to get the latest styles.
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