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Foot Locker to exit Hong Kong, Macau

It will continue to expand in the region through licenses.

Athletic footwear and apparel retailer, Foot Locker, will be closing its stores and e-commerce operations in Hong Kong and Macau as it aims to focus on core banners and regions.

In a statement, Foot Locker added that it will also be converting its owned and operated stores and e-commerce in Singapore and Malaysia to a license model as part of its business model transformation in Asia.

Indonesia’s lifestyle retailer which already partnered with Foot Locker in Indonesia and the Philippines will take over its operations in Singapore and Malaysia.

READ MORE: Hong Kong retail sales to climb by 23% in 2023: report

Meanwhile, it will continue to operate its stores in South Korea and pursue growth in the region through licenses.

During the fourth quarter of 2022, Foot Locker’s attributable net income declined to $19m from $103m in the same period last year. Its comparable-store sales grew by 4.2% due to increased traffic and improved access to high-quality inventory but Its total sales, however, were down by 0.3% to $2.3b.

The company opened 21 new stores, remodelled or relocated 45 stores and closed 101 in the fourth quarter. As of 21 January 2023, it has 2,714 stores operating in Noth America, Europe, Asia, Australia and New Zealand, and 159 franchised stores open in the Middle East and Asia.

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