Earnings
Home›Earnings›Previews›Nike shuts at least 15 Nike Live stores in multiple st…
Nike shuts at least 15 Nike Live stores in multiple states
The closures follow a shift in Nike’s physical retail footprint, and the company has also seen its stock fall about 78% from its November 2021 record close to a 12-year low this week.
Nike is closing at least 15 stores across the United States that were rolled out in a hyperlocal neighborhood format known as Nike Live, according to reporting cited by Retail Dive.
The concept launched in 2018, with a location on Melrose Avenue in Los Angeles, and the closures include stores in states such as California, Colorado, Georgia, Illinois, New Jersey, New York, Florida, Kentucky, Maryland, Missouri, North Carolina, and Texas.
Nike said it regularly evaluates its retail “fleet” and makes adjustments to better align with its growth strategy, including elevating stores and streamlining its physical retail footprint as part of work to create “Nike’s future marketplace,” the outlet reported.
The retailer’s move comes amid a rocky period, with Nike’s stock hitting a 12-year low this week and falling roughly 78% from its record closing of $177.51 in November 2021, the Wall Street Journal reported. Nike is also still dealing with sluggish performance in China this year, and the closures are in addition to a March decision to close every Nike Studios location, Athletech News reported.