Foot Locker to close 400 mall stores as it shifts focus to niche shops for sneakerheads, kids, and higher-income shoppers

• Foot Locker hosted its first investor day under new CEO Mary Dillon.
• As part of a new business plan, Foot Locker will close hundreds of underperforming stores in malls.
• Although it also plans to open stores, Foot Locker expects to have 10% fewer locations by 2026.

Foot Locker said it will close more than 400 stores in shopping malls, part of a new business plan meant to "reset" the company.

Executives for the sneaker retail chain unveiled the store-closure plan at a Monday investor day in New York City. Foot Locker's "Lace Up" business plan also includes opening free-standing stores for niche audiences.