Nope, this is not clickbait. According to Financial Times, Adidas CEO Kasper Rorsted said “over time, we will have fewer stores but they will be better.”
The “retail apocalypse” is here , but we didn’t expect it to happen so soon. Following another brand, Footlocker who have already started closing down physical stores – Adidas is the latest company to announce that it will be doing exactly the same in the coming years as part of a company shift that will focus more towards online retail.
Rorsted added, “Our website is the most important store we have in the world. It has priority when we hire, when we allocate our resources and when we build our infrastructure.”
This bold move by Adidas is an effort to increase its e-commerce sales from the $1.6 billion earned in 2017 to a forecasted $4.91 billion by 2020 – more than doubling their profits.
Adidas has 2,500 stores worldwide and 13,000 additional mono-branded franchise stores.
We guess the sight of thrilled sneaker-heads queueing up overnight to cop a limited-edition release will be something we’ll be seeing less. Whatever your opinion is, there’s no doubt that sneaker industry is about to change big time.
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