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FOOT LOCKER SALES SLOWED BY CONSUMERS AND COMPETITION
Published October 12, 1994
Today's WALL STREET JOURNAL reports that "as consumer demand for athletic shoes has cooled, growth has slowed at Foot Locker," and it has caused problems for their already struggling parent company, Woolworth. Some analysts believe Woolworth let its Foot Locker stores become too dated, and "missed the chance to cash in on the popularity of licensed apparel and merchandise." Bill DeVries, CEO of Kinney Shoe Corp, which includes Foot Locker, concedes that Foot Locker has "saturated America's shopping malls" but that they are "keeping their eyes open." One vendor said "brand" stores like NikeTown have made Foot Locker's presentation look "older" (Laura Bird, WALL STREET JOURNAL, 10/12).