Foot Locker Asia ambition to mitigate North American decline
New York-based athletic retailer Foot Locker has announced plans to expand into Asia.
The Foot Locker Asia ambition was laid out in the group’s second quarter report, which showed a US$88 million net income compared $51 million takings for the same period the year previous.
However, poor store traffic throughout the period contributed to the firm’s moves to close poor-performing outlets. The company is on track to closing 120 stores, while still aiming to open 25 new stores in high-potential areas, while preparing plans for its Foot Locker Asia expansion.
Foot Locker executive VP and CFO Lauren Peters said: “For the full year we are on track to open 45 new doors, including our expansion into Malaysia, Hong Kong and Singapore.”
CEO Richard Johnson announced that during the third quarter, the company’s first ‘power store’ is slated to open in Kowloon, Hong Kong,ong with two more stores in Singapore.
“We will round out the year with the opening of our first location in Kuala Lumpur, Malaysia during the fourth quarter.”
An analysis featured on thestreet.com noted that Foot Locker’s expansion into the world’s most populous market indicates that retail might be a growth area for the firm to take advantage of a growing fondness for athletic footwear across Asia.