Nike plans to open 30 stores in the second half of 2021 as the retailer positions itself for long-term growth. Leaders discussed their plans for the business, including growing its connections with shoppers and improving supply chain capabilities, on a Dec. 18 call with analysts.
The retailer’s plan to better connect with consumers will include “scaling direct connections with contactable members,” according to Matt Friend, EVP and CFO at Nike. The company also will invest in activations based around specific sports moments and athletes.
Nike’s supply chain plans aim to improve convenience for shoppers. The retailer will work to optimize for supply and demand to maintain healthy inventory levels, ensuring customers can always find what they need. It will continue to scale RFID capabilities across its stores in Europe, the Middle East and Africa to enable better product allocation and replenishment, and will test consumer-facing RFID capabilities like self-checkout in Korea.
Friend noted that Nike’s Express Lane program, which lets the company create and launch new products in weeks rather than months, now represents nearly 20% of total business and is expected to help the company react to consumer demand in the future.
Advertisement
“Despite the short-term uncertainty, we are managing the business and making decisions for the long term,” said Friend during the call. “Consumer interest in sport, fitness, health and wellness has never been greater. And Nike’s market opportunity is as large as ever. While short-term consumer demand may continue to be impacted, we are focused on moving faster against the most important elements to position Nike for the long term.”
