Matthew Serra, president and ceo of Venator Group (New York), told shareholders that the 11.5 percent increase in 2000 same-store sales and first-quarter 2001 success has fueled plans to open 1000 new stores over the next several years.
“Our first priority,” Serra said, “is to continue remodeling and relocating selected stores; renegotiating leases, relocating or closing 150-200 unproductive stores; implementing new marketing programs, including television advertising in partnership with vendors; and continuing to expand private label offerings.
“The second important growth initiative,” he continued, “is to open approximately 1000 new stores over the next several years. Serra described these potential locations as including 300 new Foot Locker doors in key urban markets in the United States, 200-300 new Champs Sports stores in the U.S. and Canada, an additional 350 Foot Locker Stores in Europe and another 50 Foot Locker stores in Canada and Australia.
“Overall,” he said, “we expect to finish 2001 with sales of between $315 and $320 per gross square foot.”
Venator Group (the old Woolworth Corp.) operates approximately 3600 Foot Locker, Lady Foot Locker, Kids Foot Locker and Champs Sports retail stores in 14 countries in North America, Europe and Australia.