The next store to open is a massive two-floor space in Times Square that spans more than 17,000 square feet on the corner of Broadway and 41st Street. The doors will open to the consumer public on Thursday.
Retail footprint expansion isn’t foreign to Foot Locker. The company opened its 34th Street NYC flagship in August, which is walking distance from its new Times Square store.
But Dick Johnson, chairman and CEO of Foot Locker, isn’t worried about its new storefront impeding on its 34th Street business. In fact, he thinks the location is a good thing.
“We have grown used to have multiple banners, multiple stores in proximity of each other. I don’t see it as cannibalization; I see it as raising the whole sneaker culture marketplace,” Johnson told Footwear News. “And what we’ve found is that the more of our brands and the more sneaker lovers we bring together, the better it is for business.”
Aside from the 8,700 square feet dedicated solely to Foot Locker, the Broadway store boasts several shop-in-shops including the basketball-themed House of Hoops, Puma Lab, Adidas The Foundation, Timberland Legends Club, Converse Prime and New Balance’s NB Unite.
Also featured in the space are Kids Foot Locker (with a Fly Zone shop-in-shop) and the company’s new women’s-focused retail initiative, Six:02 (with a special The Collection at Six:02 section).
“We didn’t have any Six:02s in the New York City area; you had to go out to the suburbs, you had to get on the train to go to them,” Johnson said. “[Six:02] is critical to have in Manhattan. Six:02 is the combination of what’s important to her from an athletically inspired point of view but also a runway-inspired point of view. We want to show she’s a very important part of our family, as is Lady Foot Locker.”
In addition to the shop-in-shops and Foot Locker banners appearing in the store, the Broadway location will also offer new and improved product presentations for its brand partners including Nike Sportswear, Under Armour, Asics and Vans.
When the company last reported, Q3, its profits skyrocketed 96 percent year-over-year, to $157 million, topping forecasts. Revenues also advanced 6 percent, to $1.9 billion.
The new store, located at 1460 Broadway, is open seven days a week from 10 a.m. to 10 p.m.