After a brief stagnation in 2017, Foot Locker, the world's largest sports retailer, rebounded strongly in 2018, not only total revenue increased by 2.8% compared with 2017 to 2.27 billion US dollars, exceeding analysts' expectations, and still based on the original business. Upgrades have opened up more new business partnerships.
Recently, Foot Locker officially announced that the company's vision has been upgraded from “becoming the world's leading sportswear retailer” to “inspiring enthusiasm and self-expression” and “creating an unparalleled experience for consumers” and opening new A five-year plan.
According to industry media Footwear News, Foot Locker CEO Dick Johnson recently said at the investor conference that the company has realigned its five-year plan, which was established in 2015, to set four current development goals for the company - to enhance the consumer experience. Invest in long-term growth of business, increase productivity and fully mobilize talent.
Johnson explained how the company can “improve the consumer experience.” “We want to mobilize the objects that consumers like and admire, whether they are artists, athletes or opinion leaders. We also need to integrate localized elements in physical stores and online platforms. Work with local partners and organizations to better serve the community."
Foot Locker previously opened a new Power Stores store in Liverpool, England, which is a case study of the company's consumer experience.
“(Power Stores) will showcase different styles, including interior and exterior design with local features, local supply chain and marketing team, and local branded products,” said Jack Jacobs, CEO of Foot Locker North America. Si said to investors, “Every Power Stores will open up a space for women and children to provide shoes and accessories. In the store's exclusive event space, there will be game equipment such as Xbox, hair styling services, and regular events. Community activities." According to Foot Locker, the company hopes to open 200 Power Stores stores worldwide in the next five years.
In the digital business, Johnson said the company is focusing on leveraging data analytics and technology to mobilize consumer engagement, sharing and interaction on all of Foot Locker's online platforms.
To achieve this goal, the company is also launching a new FLX membership program in the near future, a common initiative to open up Fool Locker's eight retail brand platforms, including Foot Locker, Champs and Eastbay.
Foot Locker's CMO Jed Berg said: "FLX will connect with our ecosystems, driving consumers to earn points on all platforms and unifying them at the central redemption center."
It is understood that consumers in this redemption center can participate in and enjoy product special activities, brand gift vouchers, donation services and free mail and other preferential items. FLX has been piloted in the Dutch Foot Locker and Foot Locker Netherlands.
In order to drive the long-term growth of the business, Foot Locker said it will expand the company's business development in Asia by enhancing the consumer experience.
“Asian consumers have very distinctive online consumption characteristics. The growing middle class in the region needs more online content. They interact with brands very much on Instagram, WeChat, Facebook, Twitter and other Dacoz Coupons social media. They are very active. The information brought by social media has inspired their demand for quality, innovative sports products and culture,” said Lewis Philippe Kimbell, CEO of Foot Locker Asia Pacific.
In the new stage of development, Foot Locker not only pays attention to the upgrade of its own company, but also puts a lot of energy into external cooperation.
In the past few months, in order to balance the impact of partners on the company's business, and also to enhance the uniqueness of the products sold by Foot Locker, the company began to cooperate with more types of companies and institutions - $12.5 million led the children's clothing company Rockets of Awesome C-round financing; a strategic investment of $100 million for GOAT Group; Pensole for $2 million investment in sneaker design school; $3 million for Super Heroic, a children's lifestyle brand; and Carbon 38, a high-end women's sportswear startup in Los Angeles Two investments of 15 million and 10 million US dollars.
“The purpose of all our investments is to build a platform for empowerment and innovation that allows all of our sports enthusiasts, sneakers, women, children and creatives to participate,” said Jed Jacobs to the company. Investors say, “Our cooperation with our new partners not only strengthens the connection between the points, but also gives us valuable data that can be used to produce quality products and content.
In order to better manage the cooperation between the company and external brands, Foot Locker recently announced their Greenhouse, an innovative incubation program.
CMO Berg explains: “Greenhouse is a development platform to build and nurture new relationships, projects, brands and ideas, and to focus on the value of these results in the future, not just for immediate use.” This is independent of Foot Locker. The entity is like a creative studio, combining the unique characteristics of the company and the investment object to deliver new ideas to the organization.
Foot Locker is slowly turning from a large retail organization that sells goods to a platform for products, services and content that is packaged and packaged, and hopes that such a transformation will bring higher profits to the company.
The company recently announced that it will pursue a single-digit Coupons for Shoes growth in the company's annual profit over the next five years. The pre-earnings revenue will maintain a low double-digit growth, and the store's annual revenue per square foot will reach $525 to $575.
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