Foot Locker to exit South Korea

It plans to complete the closures and transfers by mid-2025.

Footwear and apparel retailer Foot Locker has announced that it will be closing all its stores and e-commerce operations in South Korea as part of its broader "Lace Up Plan." 

The group said the move marks a significant shift in the company's global strategy as it seeks to streamline its business and focus on core markets.

The company is also closing its stores and e-commerce platforms in Denmark, Norway, and Sweden.

In addition to these closures, Foot Locker has signed agreements with Fourlis Holdings Société Anonyme (Fourlis Group), a prominent retail and licensing operator in Southeast Europe. Under the agreements, Foot Locker will transfer its store and e-commerce operations in Greece and its store operations in Romania to Fourlis Group.

The combined impact of these decisions will result in the closure or transfer of approximately 30 stores out of Foot Locker's 140 locations in the Asia Pacific region and 629 stores across Europe. The transition is expected to be completed by mid-2025.