Dive Brief:
- Foot Locker has named Franklin Bracken as president of the company effective immediately, the retailer announced Wednesday.
- Bracken joined Foot Locker in 2010 and was named chief commercial officer in 2022. He will continue to report to CEO Mary Dillon.
- In his new role, Bracken will help carry out the company’s Lace Up Plan, a strategy to improve its retail experience, productivity and shareholder value. He will also continue to oversee global retail operations, merchandising, digital operations, loyalty programs, marketing and real estate.
Dive Insight:
Foot Locker credited Bracken with leading the company’s expansion of its core banners, revamping its brand partnerships, improving the customer experience, modernizing stores and updating its digital capabilities.
“Over his 15-year tenure, Frank has led several important initiatives across the business, including playing a critical role in the development and execution of our Lace Up Plan, building our brand partnerships, and advancing our omnichannel capabilities,” Dillon said in a statement. “I look forward to continuing to partner with him in his new role as we execute our strategies, further our significant progress in advancing the Lace Up Plan, and create sustained value for our stakeholders.”
Foot Locker’s Lace Up Plan was introduced in March 2023 to propel growth. Part of the strategy includes reworking the retailer’s real estate footprint by opening new formats and shifting to an off-mall strategy.
Last April, the retailer debuted a new store concept at the Willowbrook Mall in Wayne, New Jersey, and announced plans to open similar stores in Australia, France and India. In an interview with Retail Dive, Bracken said the new format fixed some pain points.
“Even though we have nearly 1,800 global Foot Lockers, we haven’t always had the most synchronized store brief and expression. And so this is an opportunity to really start on a journey to synchronize that,” Bracken said at the time. “A lot of our store designs in the history of Foot Locker have been really honestly male-dominant in terms of like, ‘Let’s establish the male footwear and apparel sections, and then we’ll build women’s and kids around it.’ And this was really holistic in terms of all the consumer journeys: men’s, women’s and then family with kids.”
Dillon said during an earnings call last month that the company plans to accelerate investments in its “reimagined” store concept, with plans to open or convert 80 stores this year and maintain or accelerate that rate over the coming years. Additionally, the retailer expects to complete hundreds of smaller-scale store refreshes this year.
The company recently reported a 5.7% year-over-year drop in Q4 revenue to $2.2 billion. Comparable sales for the quarter were up 2.6%, marking a return to positive comps for the company. For the year revenue declined 2.2% to about $8 billion.
