Foot Locker to close about 400 stores by 2026 as company decreases shopping mall presence

Foot Locker will be closing about 400 stores by 2026, the company announced.

The recognizable retail brand will be having a smaller footprint in some shopping malls, as it plans to close underperforming stores.

The company wants to reimagine its brand and become more relevant to younger shoppers, especially "sneakerheads".

Foot Locker will mark its 50th anniversary next year.

The company says its new store and marketing concept is called "lace up," which will focus on different types of sneaker shoppers.