The sneaker industry is all about the culture and the people in it, that’s a fact. However, it’s also a fast-paced industry that keeps changing and evolving. Online shopping is bigger than ever, and retailers are aware of that! Now, as with every change that happens anywhere, there are pros and cons. And it seems like physical stores are taking the fall for this specific change. You see, Stadium Goods will close its New York City store. So today, we’re gonna talk about the reasons, and what this could mean for the industry!
Why Is Stadium Goods Shutting Down Its NYC Store?
Before we talk about the news, let’s back it up to the start of it all. In October 2015, Stadium Goods opened its retail store at 47 Howard Street in SoHo. Now, keep in mind that in 2018, Farfetch acquired Stadium Goods for $250 million! Now, the retail giant faced financial problems in the last few years and nearly announced its bankruptcy. However, the South Korean online retailer Coupang stepped up in December 2023 and acquired Farfetch.
After all was said and done, some drastic measures were taken to keep the work going. You see, in 2023, the consignment store did a round of layoffs and closed its Chicago store. And now, we get the news that the New York City store will close its doors after 10 years of operations. Apparently, this decision comes after feeling that they need to focus on their online presence. According to an email that Stadium Goods sent to its sellers, their business will not be affected by this closure.
In addition to the news of closing the 47 Howard St. store on January 19, 2025, it seems like the market center at 412 Broadway will become both a drop-off point and a retail place for buyers. And while Stadium Goods will focus on its digital presence, which generates most of its revenue, the retailer still believes in the value of physical stores.
What Does This Mean for the Industry?
Okay so, with online retailers taking the bulk of the shopping power, some would argue that physical stores are losing their touch. However, you can’t have a culture like that without having a hub for the fans to gather around. So as long as the sneaker industry endures, so will the stores. Even if it’s on a smaller scale than what we were used to. Now, if you wanna get into the online sneaker shopping gig, you might wanna check out sneaker botting. It’s a whole new world of possibilities that include style and profit. Godspeed!
