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US footwear retailer Foot Locker will withdraw from Hong Kong and Macau while letting its distributor in Indonesia and the Philippines, MAP Active, take over its operations in Singapore and Malaysia
The footwear giant says the move, part of its efforts to “simplify its business model and focus on core banners and regions, will further grow its presence in Southeast Asia.
Foot Locker entered the Philippines late last year, opening one of the biggest stores in Asia at Makati City’s Glorietta shopping mall. The brand was reportedly in talks with footwear company Metro Brands to expand into India.
Foot Locker will continue to operate stores in South Korea.
As of January 28, Foot Locker operated 2714 stores in 29 markets and had 159 franchised stores in the Middle East and Asia.
Foot Locker will shut more than 400 underperforming stores in the US as part of a “reset” strategy. It had closed 101 stores during the fourth quarter of last year.
Foot Locker’s sales were down by 0.3 percent on year to $2.334 billion during the fourth quarter. The company expects to increase its annual turnover by $1 billion to $9.5 billion by 2026.
