How the digital sneaker boom changed Foot Locker’s business

Business

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Foot Locker dominates the brick-and-mortar footwear category as the largest footwear retailer in the world. Its 2,900 stores worldwide span several brands, including Lady Foot Locker, Kids Foot Locker and Champs Sports.

Since 2015, however, digital sneaker retailers have grown rapidly with the establishment of online marketplaces like StockX and GOAT. New brick-and-mortar streetwear stores like Flight Club and Stadium Goods have also entered the market.

The sneaker business saw unprecedented growth in 2020 and is expected to reach $120 billion by 2026, according to research firm Statista. Cowen and Company this year dubbed sneakers an “alternative asset class.” But sneaker bots have wreaked havoc upon the industry, posing an additional challenge to Foot Locker’s business.

Watch the video above to learn more about Foot Locker’s business.

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