Foot Locker

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Foot Locker, Inc.
Formerly
  • Woolworth Co. (1988–1997)
  • Venator Group (1997–2001)
TypePublic
IndustryClothing
PredecessorF. W. Woolworth Company
Founded
FoundersF. W. Woolworth and Santiago Lopez
Headquarters330 West 34th Street, ,
U.S.
Number of locations
3,129 stores
Area served
Worldwide
Key people
Brands
RevenueIncrease US$8.0 billion (2020)[1]
Decrease US$659 million (2020)[2]
Decrease US$491 million (2020)[2]
Total assetsIncrease US$6.6 billion (2020)[2]
Total equityDecrease US$2.519 billion (2017)[2]
Number of employees
32,175[3] (2017)
Websitefootlocker.com

Foot Locker Retail, Inc. is an American sportswear and footwear retailer, with its headquarters in Midtown Manhattan, New York City,[4] and operating in 28 countries.

Although established in 1974, and founded as a separate company in 1988, Foot Locker's roots date to 1879, as it is a successor corporation to the F. W. Woolworth Company (“Woolworth's”), as many of its freestanding stores were Kinney Shoes and Woolworth's locations. The company operates the eponymous “Foot Locker” chain of athletic footwear retail outlets (along with “Kids Foot Locker” and “Lady Foot Locker” stores), and other athletic-based divisions including Champs Sports, Footaction USA, House of Hoops, and Eastbay/Footlocker.com, which owns the rights to Final-Score. The company is also famous for its employees' uniforms at its flagship Foot Locker chain, resembling those of referees.

According to the company's filings with the SEC, as of January 28, 2017, Foot Locker, Inc. had 3,363 primarily mall-based stores in the United States, Canada, Europe, and Asia. Nearly 70% of its products are from Nike.[5]

History[edit]

In 1963, the F. W. Woolworth Company purchased the Kinney Shoe Corporation and operated it as a subsidiary. In the 1960s, Kinney branched into specialty shoe stores, including Stylco in 1967, Susie Casuals in 1968, and Foot Locker on September 12, 1974. The first Foot Locker opened in the Puente Hills Mall in City of Industry, California.[6] Woolworth also diversified its portfolio of specialty stores in the 1980s, including Afterthoughts, Northern Reflections, Rx Place, and Champs Sports. By 1989, the company was pursuing an aggressive strategy of multiple specialty store formats targeted at enclosed shopping malls. The idea was that if a particular concept failed at a given mall, the company could quickly replace it with a different concept. The company aimed for 10 stores in each of the country's major shopping malls, but this never came to pass as Woolworth never developed that many successful specialty store formats.

In 1988, the F.W. Woolworth Company incorporated a separate company called the Woolworth Corporation in the state of New York. The Woolworth Corporation was responsible for the operations of the Foot Locker stores, among the other specialty chains operated by Woolworth's. One of its first moves was the acquisition of Champs Sports and to rename itself the Woolworth Athletic Group.

During the 1980s and 1990s, the F.W. Woolworth Company's flagship department store chain fell into decline, ultimately culminating in the closure of the last stores operating under the name of Woolworth's in the United States in 1997. Deciding to continue aggressive expansion into the athletic business in the following years, the company acquired Eastbay in 1997, which was the largest athletic catalog retailer in the United States, as well as subsequent purchases of regional storefront retailers Sporting Goods (purchased in 1997) and The Athletic Fitters (purchased in 1998). After 1997, Wal-Mart replaced Woolworth in the Dow Jones average. The Woolworth Corporation remained the parent company of Foot Locker, and in 1998 it changed its name to "Venator Group, Inc." By the 1990s, Foot Locker was responsible for more than 70 percent of Kinney Shoe Corp. sales, while traditional shoe retailer Kinney was in decline. Venator announced the shuttering of the remaining Kinney Shoe and Footquarters stores on September 16, 1998.[citation needed]

On February 12, 1999, a federal jury in Austin awarded $341,000 to a former Foot Locker shoe store manager who said the company systematically discriminated against its African American employees by offering more opportunities for promotions to white managers.[7]

Foot Locker store, Tower City Center, Cleveland, Ohio
A Foot Locker flagship store in Tsim Sha Tsui, Hong Kong
Foot Locker in Hillcrest Mall
Foot Locker, Southside Wandsworth, London

As the "Foot Locker" brand had become the Woolworth/Venator company's top performing line, on November 2, 2001 Venator changed its name to Foot Locker, Inc.[8] On November 19, 2004, Foot Locker announced that its quarterly profit rose 19 percent, helped by stronger sales.[9]

In 2004, Foot Locker acquired the Footaction USA brand and approximately 350 stores from Footstar for $350 million.[10] On April 14, 2004, Foot Locker Inc. announced that it agreed to buy about 350 Footaction stores from bankrupt Footstar Inc. for $160 million to expand in urban areas.[11]

On January 10, 2005, the company announced that Nick Grayston was promoted to President and Chief Executive Officer of its Foot Locker U.S. division, succeeding Tim Finn who retired from the company.[12]

In 2007, Foot Locker joined with schoolPAX[13] to launch the Foot Locker School Rewards Program,[14] designed to provide charitable donations to schools who sign up and shop at Foot Locker with a custom-coded keytag or school code.

Foot Locker purchased CCS, a skateboarding equipment retailer, from Alloy for $103 million in cash.[15]

In 2011, Foot Locker joined DoSomething.Org for the Foot Locker Scholar Athletes program, which honors high school athletes for demonstrating academic excellence as well as flexing their hearts on their sports team and in their communities.

On June 26, 2012, Foot Locker celebrated the 100th anniversary of the first stock offering made by its predecessor, the F. W. Woolworth Company, on the New York Stock Exchange by ringing the Closing Bell for the trading day.

In 2013, the company acquired the German retailer Runners Point Group.[16]

After not meeting corporate expectations, Foot Locker planned to close its CCS unit but instead sold it to Daddies Board Shop in 2014.[15]

Foot Locker has steadily risen in Fortune 500 rank, from 446 in 2011[17] to 363 in 2018.[18] Foot Locker recorded a record turnover of 7.151 million dollars at the end of fiscal year 2015.[19]

In 2019, Foot Locker invested $100 million in GOAT, an online resale marketplace for sneakers.[20] In 2021, Foot Locker acquired Los Angeles-based athletic retailer WSS and Tokyo-based Atmos.[21] In 2022, Foot Locker announced it would aim to achieve net zero emissions by 2050.[22]

Several Foot Locker stores were damaged in rioting and looting, with two locations destroyed by arson, during the George Floyd protests in Minneapolis–Saint Paul in May 2020.[23][24][25]

Stores[edit]

Americas

Asia-Pacific

Europe

References[edit]

  1. ^ "Foot Locker revenue Company Profile". Craft. Retrieved March 30, 2020.
  2. ^ a b c d "Ralph Lauren Corporation 2017 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. March 2018.
  3. ^ "Foot Locker". Fortune. Retrieved December 18, 2018.
  4. ^ "Foot Locker, Inc." Foot Locker. Retrieved on January 22, 2010.
  5. ^ Bain, Marc (August 18, 2017). "Foot Locker has a Nike problem". Quartz (publication). Retrieved August 18, 2017.
  6. ^ "The Evolution of Foot Locker Stores Over 40 Years". Sole Collector.
  7. ^ "Foot Locker loses race bias suit; African American says he was given".
  8. ^ Venator Group, Inc. Announces Name Change to Foot Locker, Inc., Retail Operations and Construction, November 2, 2001
  9. ^ "Foot Locker Profit Up".
  10. ^ Scardino, Emily. Foot Locker acquires Footaction Stores to step up growth, DSN Retailing Today, May 3, 2004
  11. ^ "Foot Locker to buy about 350 stores".
  12. ^ "FOOT LOCKER, INC. ANNOUNCES DIVISIONAL MANAGEMENT CHANGES". Archived from the original on December 29, 2010.
  13. ^ "School Pax Escola de Negócios". School Pax Escola de Negócios.
  14. ^ "Foot Locker School Rewards". Archived from the original on April 22, 2009.
  15. ^ a b Stacy Cowley (September 17, 2015). "Picking Up CCS Where Foot Locker Left Off". NYT.
  16. ^ 4-traders. "Foot Locker, Inc. : Completes Acquisition of Runners Point Group". 4-Traders. Retrieved August 12, 2013.
  17. ^ Brett Krasnove (May 9, 2014). "Fortune 500 - Fortune". Fortune.
  18. ^ "Foot Locker, Inc". Fortune.
  19. ^ Gonzalez-Rodriguez, Angela (March 9, 2015). "Foot Locker, a foot ahead market expectations". FashionUnited. Retrieved June 11, 2015.
  20. ^ "Foot Locker invests $100 million in GOAT Group". TechCrunch. Retrieved April 1, 2022.
  21. ^ "Foot Locker to Buy Two Retailers for $1.1 Billion". Reuters. ISSN 0099-9660. Retrieved August 10, 2021.
  22. ^ News, E. S. G. (March 24, 2022). "Foot Locker, Inc. Announces Ambition to Achieve Net Zero Greenhouse Gas (GHG) Emissions by 2050 or Sooner". ESG News. Retrieved April 1, 2022. {{cite web}}: |last= has generic name (help)
  23. ^ Penrod, Josh; Sinner, C.J. (July 13, 2020). "Buildings damaged in Minneapolis, St. Paul after riots". Star Tribune. Retrieved May 5, 2022.
  24. ^ Uren, Adam (June 1, 2020). "A list of the buildings damaged, looted in Minneapolis and St. Paul". Bring Me The News. Retrieved May 5, 2022.
  25. ^ Saavedre-Weis, Isabel (June 4, 2020). "A list of St. Paul businesses damaged during the rioting". St. Paul Pioneer Press. Retrieved May 5, 2022.

External links[edit]