Journeys' Strategic Shift: Plans to Close Over 120 Stores in 2024

Journeys’ Strategic Shift: Plans to Close Over 120 Stores in 2024

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In a strategic shift, popular footwear chain Journeys is set to close more than 120 stores in the upcoming fiscal year, as announced in its parent company Genesco’s first-quarter earnings report on Thursday. This decision marks an increase from the initially projected closure of 60 stores in 2024.

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The move follows a notable seven percent dip in sales reported by Genesco for the first quarter. To offset these challenges, Journeys is intensifying its efforts to optimize operational costs, with the revised store closure plan expected to generate savings of up to $40 million, surpassing the previously estimated range of $20 million to $25 million.

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Journeys, recognized for its diverse range of footwear, apparel, and accessories, currently boasts over 800 stores scattered across the United States, Puerto Rico, and Canada. Despite the announcement, the specific locations slated for closure remain undisclosed at this time.

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Pennsylvania, home to 37 Journeys/Journeys Kidz stores, will inevitably witness a part of this restructuring. Key locations, such as the Capital City Mall in Lower Allen Township and the Park City Center in Lancaster, are among the areas affected.

As of the end of April, Genesco oversees 1,396 stores under its various brands, including Journeys, Journeys Kidz, Little Burgundy, Schuh, and Johnston & Murphy.

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As of the end of April, Genesco oversees 1,396 stores under its various brands, including Journeys, Journeys Kidz, Little Burgundy, Schuh, and Johnston & Murphy. As of April 29, Genesco’s portfolio included 1,396 stores spanning multiple brands such as Journeys, Journeys Kidz, Little Burgundy, Schuh, and Johnston & Murphy. Mimi E. Vaughn, Genesco’s board chair, president, and CEO, acknowledged the challenging first quarter, emphasizing the swift actions being taken to navigate the evolving consumer landscape. This includes the strategic closure of underperforming Journeys stores, further cost reduction measures, and a rapid refinement of the product assortment.

Good news for online shoppers: Journeys is set to maintain its online presence, ensuring customers can still access their favorite styles. Additionally, a holiday treat awaits, with discounts of up to 50% off select styles at Journeys. Don’t miss out on this opportunity to step into savings! Redeem your coupon by December 25, 2023.