Nike, Inc. has decided to close its lone Niketown location in Waikiki, ending an 11-year run, according to a report by Honolulu's Star Bulletin.
“As a normal course of business, we have and will continue to review our retail fleet to ensure we are creating value for consumers and driving profitability,” said Nike spokeswoman Mary Remuzzi. “We decided to close Niketown Honolulu as a result of this review of retail.”
Nike, Inc. recently reported a low-singles decline in revenues for the fourth quarter and a 28% drop in same-store sales for inline stores. Margins fell 120 basis points for the same period.