Foot Locker is kicking off a month-long celebration of its 50th anniversary as it gains momentum in its turnaround effort. The anniversary celebrations will include various in-person events and the debut of a limited-edition sneaker and apparel collection in collaboration with Nike, Adidas, New Balance, Puma and Converse.
Despite a rough couple of years, Foot Locker remains a leading player in sneaker culture, a position it “intends to uphold for the next 50 years,” claimed the company in a statement. The retailer’s Lace Up transformation strategy appears to finally be bearing fruit, with Foot Locker returning to growth in Q2. Comp sales were up for the first time in six quarters, gaining 2.6% from the previous quarter. Sales rose to $1.9 billion, up 2% year over year, although losses also increased to $12 million in the quarter compared to a loss of $5 million the previous year.
The positive trajectory is largely a result of the expansive transformation strategy Foot Locker launched in March 2023, which has included a restructuring, a reimagined retail concept and store refresh program, an enhanced FLX Rewards Program and plans for a redesigned mobile app later in the year. The company also outlined additional cost-cutting measures on its Q2 earnings call, including plans to exit South Korea, Denmark, Norway and Sweden completely by mid-2025, as well as move its headquarters from New York City to St. Petersburg, Fla.
Before Foot Locker turns its attention to the next 50 years, the retailer will celebrate its golden anniversary with:
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- New York Stock Exchange Opening Bell Ceremony: President and CEO Mary Dillon rang the NYSE Opening Bell on today, Sept. 5;
- A 50th Anniversary limited-edition sneaker collection: The exclusive footwear and apparel collection will feature distinctive black and white colorways with gold accents, created in partnership with Nike, Adidas, New Balance, Puma and Converse. The collection will be available online at FootLocker.com and in select stores beginning Sept. 9;
- Celebratory events: Foot Locker will host various events in New York City throughout September, including a performance featuring Grammy-nominated artist and brand ambassador Coi Leray, in partnership with Adidas and produced by Complex for FLX Rewards members; and
- A 360-marketing campaign that will include out-of-home placements, paid media, exclusive product releases and in-person activations. The retailer’s newly reopened 34th Street store in NYC will host customer-focused events throughout September, including a ribbon-cutting ceremony, sneaker customization, live entertainment and limited-edition gifts.
“As we commemorate this milestone, we’re focused on the future and celebrating our position as the ‘Heart of Sneakers,'” said Dillon in a statement. “Our deep-rooted connection to sneaker culture and the dedication of our Stripers have fueled our success, and we’re gearing up for the next 50 years. Through our Lace Up Plan, we’re driving sustainable growth by reimagining the in-store and omnichannel experience, strengthening our brand partnerships and deepening customer engagement.”
