Nike, Inc. and Foot Locker, Inc. expect to open up to 50 “House of Hoops by Foot Locker” retail stores in the United States over the next three years. House of Hoops will be a “hub for all things basketball,” offering exclusively Nike, Jordan and Converse basketball footwear, apparel and equipment product. The first House of Hoops store is expected to open in early 2008 on 125th Street in New York, converting an existing Foot Locker location in Harlem.
“House of Hoops will give consumers who live and breathe basketball culture a unique retail experience not seen in the market today, offering a selection of the game's most premium athletic footwear, apparel and equipment brands,” said Charles Denson, President of the Nike brand. “We're pleased to partner with Foot Locker on this concept. House of Hoops reflects our growth strategy-focus on the consumer, create the marketplace, and deliver elevated brand experiences.”
Matthew D. Serra, Chairman and Chief Executive Officer of Foot Locker, Inc. said, “We are very pleased to have reached this agreement with Nike, who is the leading supplier of athletic footwear in our industry. The opening of the House of Hoops stores provides an exciting growth opportunity for our Company in the premium sector of the athletic footwear and apparel sector where we have had a long track record of success. This arrangement with Nike reinforces the value and commitment to a long-term relationship between our two companies.”
Nike, Inc. is the global leader in basketball. The company's Nike, Jordan and Converse brands collectively are the strongest selling brands in the industry. The three brands have created basketball's most iconic and game-changing products, from the original Chuck Taylor All-Star, Air Force 1, and Air Jordan, to today's signature shoes for players such as Kobe Bryant, LeBron James, and Dwyane Wade.
House of Hoops extends an existing store-within-a-store concept featuring Nike basketball product at Foot Lockers nationwide into an elevated stand- alone retail presence. In addition to New York, House of Hoops stores are expected to open in Las Vegas, Chicago, Houston and Los Angeles. Most of the stores will be converted Foot Locker locations, although some new locations will be created.
As part of its long-term growth strategy, Nike is investing in both direct and partner retail to create more elevated retail experiences focused on consumers in Nike's six core growth categories-basketball, running, football (soccer), women's fitness, men's training and sport culture.
