Sneaker Stores In Indonesia – Nike hired a new CEO on Monday and is looking to emerge from a sales slump, but the rest of the athletic shoe industry is booming. Retailers are increasingly relying on brands beyond the famous Swoosh symbol. Foot Locker, one of the world’s largest sneaker retailers, posted similar year-over-year sales growth in its most recent quarter, in part because the chain diversified its product line into multiple brands.
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airmaxnike – Designer Brands, which operates DSW shoe stores across North America, is also expanding its sneaker selection, but Fleet Feet, a US-based running specialty retail chain, has announced that the sneaker brand sells a “very strong product.” seen it before,” he said.
The designer brand’s chief executive, Doug Howe, told investors last month that the company was in the midst of a “transformation” with athletic shoes accounting for 42% of its collection this year, up from 32% in 2017. speaking. Overall decline Sales of athletic footwear, including Nike, rose 16% compared with a 3% increase in the previous quarter. The sneaker chain’s strong momentum across every consumer category, from fashion to family to specialty goods, underscores its huge optimism for athletic footwear, and Nike is no exception. Earlier this month, the company withdrew its earnings forecast for the year, reporting a 10% drop in sales for the three months to August.
“Shoes are attractive because they can withstand recessions,” said Matt Priest, chief executive of Footwear Distributors of America, a US trade group.
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The economy is in bad shape with high interest rates, and even if interest rates were lowered, “people would still buy shoes instead of new cars or washing machines,” he said.
According to Euromonitor, global retail sales of sports shoes are expected to reach $165 billion by 2023, a 23% increase from 2018. Growth was seen across geographies, led by Latin America with an increase of 38%, while Asia Pacific and North America remained the top two biggest market.
Sneakers are becoming increasingly popular in the United States, where 99% of shoes are imported. Priest said athletic shoe imports increased more than 10% year-on-year through August, while overall footwear growth was just 1%.
Industry experts and retailers say the sector is performing well, partly due to a broader “casualization” of society, where sneakers are increasingly accepted as footwear for work and travel.
Foot Locker CEO Mary Dillon said last month, “Once you realize sneakers can go with anything, you’ll never go back to high heels.”
Foot Locker’s fate was once so closely tied to Nike’s that for years the two companies listed each other as their only significant customers in regulatory filings.
Foot Locker’s share of Nike and its Jordan subsidiary inventory peaked at 75% in 2020, but fell to 65% last year. At an investor conference last month, Dillon said Nike “always” remains a key partner, but highlighted the growth of services from other brands such as Hoka, New Balance and On.
“It’s customer choice. People want choice in this category. It’s very clear. They buy different brands and use them on different occasions,” Dillon said.
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The increasing competitiveness of sports shoes is partly due to factors from Nike. In 2017, the industry leader announced ambitious plans to shift its sales strategy to a direct-to-consumer model and move away from what the company described as “mediocre retail.” This gives other brands more shelf space in chain stores like Foot Locker.
That same year, Nike introduced the revolutionary Vaporfly 4% running shoe with improved foam and carbon fiber plates in the sole, sparking an innovation race across the industry.
But Nike executives acknowledged that the company had pushed too far into in-person and online sales and failed to catch up with consumers who returned to shopping in stores after pandemic restrictions were eased. The company is currently working to win back its trading partners. Nike Chief Financial Officer Matthew Friend said this month that “our team has been working closely with our partners since we recognized some of the mistakes that came from focusing too much on direct sales.”
Foot Locker said it expects Nike to “return to growth” this year. Victor Ornelas, senior director of vendor management at Fleet Feet, a chain dedicated to runners with 280 locations across the US, told the FT that he has “seen an increase in energy and connection” from Nike since this year.
UK-based sports shoe chain JD Sports reported a drop in profit for the six months to August, partly due to distribution center closures and acquisition and disposal costs. But CEO Regis Schultz told reporters: “Nike will be fine. It’s just a matter of time. Nike is a strong brand.”
But brands other than Nike are also moving forward. At Foot Locker’s flagship store in New York City, this month’s fall displays include Timberland boots and Ugg sandals, as well as major displays from New Balance and Hoka.
Fleet Feet’s Ornelas said the two brands differentiate themselves with versatile footwear that combines the latest technology in high-performance foam soles suitable for running with neutral-colored uppers that can be paired with a variety of outfits.