The most dedicated trend-setters and fashion enthusiasts have no boundaries when it comes to finding a unique pair of limited edition shoes and will often travel far and wide to find something that people stateside would not have.
Mall footwear mainstay Foot Locker (FL) -) is well aware of this segment of customer, and proved so when it purchased Tokyo-based retailer Atmos in August 2021 as one part of a $1.1 billion deal.
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Loyal customers, however, will be disappointed to learn that Atmos announced that it will be shuttering its operations in the United States in an effort to concentrate its efforts onto operations in Japan and the rest of Asia. As a result, atmos’ New York, Philadelphia and Washington D.C. locations will close and its US website will go offline.
“The Atmos brand has a unique and authentic identity, character and spirit. Given the strength of Atmos in Japan and Asia, we are focused on further investing in this market,” said Atmos senior vice president and general manager Patrick Walsh in a statement. “We are confident that this is the right move for Atmos and will help us continue to work in service of bringing sneaker and street culture to our customers in Asia.”
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Atmos has been in operation since 2000, originating from a single location in Tokyo’s famous Harajuku fashion district. For nearly two decades, the retailer has become an international destination as both a stockist for designer streetwear brands like A Bathing Ape, as well as a retailer of vintage models of sneakers. In the past, the retailer has collaborated on limited edition models from footwear brands like Adidas (ADDDF) -), ASICS (ASCCF) -), and Nike (NKE) -).
In March 2023, Foot Locker CEO Mary Dillion revealed the company’s “Lace Up” plan, which aims to achieve more than $9.5 billion in annual revenue by 2026, with atmos at the forefront of innovation and culture in Japan. In August 2023, Foot Locker reported a nearly 10% sales decline and a loss of $5 million during its second quarter.
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