adidas to Begin Closing Down Storefront Locations
The retail apocalypse continues.
With the retail apocalypse continuing its course with more than 12,000 stores expected to close across the globe in 2018, adidas CEO Kasper Rorsted is now announcing that the sportswear giant will also be closing down a number of their storefronts in the coming years as part of a company shift that will focus more towards online retail. In a new interview with the Financial Times, Rorsted explained, “over time, we will have fewer stores but they will be better” while also adding, “our website is the most important store we have in the world.”
The move by adidas is an effort to increase e-commerce sales from the $1.6 billion USD earned in 2017 to a forecasted $4.91 billion USD by 2020 – a number that’s more than doubling their profits. As it stands, adidas currently owns 2,500 stores globally and 13,000 additional mono-branded franchise stores. Stay tuned.
In other related adidas news, check out the new Juvenile-inspired Dame 4 colorway.
