The newest addition to the emerging ‘retail apocalypse’, a term used to describe the trend of the closing of brick-and-mortar retail stores, is an announcement of the German brand adidas to close most of its stores in years to come. As the brand seeks to double its e-commerce sales by 2020, the closing down of the stores in the upcoming years represents the new shift where brand’s focus will be on digital platforms and online retails. In his interview for the Financial Times, adidas CEO Kasper Rorsted said that over time, adidas will have fewer stores but they will be better. In addition, Rorsted accentuated that, “Our website is the most important store we have in the world. It has priority when we hire, when we allocate our resources and when we build our infrastructure.”
adidas is employing 56,888 people from over 100 countries, and produces more than 900 million product units every year and generate sales of € 21.218 billion (2017).
Sources: Financial Times, adidas Group