Dick’s Sporting Goods Acquires Foot Locker for $2.4 Billion

Ever since Covid-19, retailers across the footwear industry have had struggles, as evidenced by multiple long-time players, including Eastbay, YCMC, and others, shutting down. For the big-box players, the landscape is about to shift as according to The Wall Street Journal, Dick’s Sporting Goods is reportedly close to finalizing a major retail acquisition: a deal to acquire Foot Locker for approximately $2.4 billion.

The deal under discussion values Foot Locker at $24 per share—an eye-popping 90% premium over the stock’s recent closing price of $12.87. Foot Locker’s shares have taken a significant hit in 2025, dropping roughly 40% amid weaker-than-expected sales guidance, mounting pressure from shifting Nike distribution strategies, and recent discussions around tariffs.

While the broader retail sector has had to navigate disruptions, especially in the sneaker and athletic wear markets, Dick’s has managed to maintain its footing. The Pittsburgh-based company is the largest sporting goods retailer in the U.S. and operates a growing portfolio that includes Golf Galaxy and House of Sport locations. Acquiring Foot Locker would significantly bolster Dick’s presence in the sneaker and streetwear space, and potentially expand its global footprint.

Following these early reports, Dick's Sporting Goods officially announced the deal. "We have long admired the cultural significance and brand equity that Foot Locker and its dedicated Stripers have built within the communities they serve," said Ed Stack, Executive Chairman of DICK'S. "We believe there is meaningful opportunity for growth ahead. By applying our operational expertise to this iconic business, we see a clear path to further unlocking growth and enhancing Foot Locker's position in the industry."

Mary Dillion, the current CEO of Foot Locker, stated, "Today's announcement marks the start of an exciting new chapter for Foot Locker and is a testament to our team's hard work and dedication to our mission. By joining forces with DICK'S, Foot Locker will be even better positioned to expand sneaker culture, elevate the omnichannel experience for our customers and brand partners, and enhance our position in the industry."

With this acquisition, Dick's Sporting Goods now owns Foot Locker, Champs Sports, WSS, and atmos, leading to yet more consolidation in the retail space. JD Sports, another large player in the space, owns Finish Line, DTLR, Shoe Palace, and a wide variety of global boutiques and retailers. As for DSG and Foot Locker, combined, they have 3,266 retail locations worldwide, putting them behind JD Sports as the second-largest sneaker retailer, which operates over 4,500 retail locations.

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Nicholas Vlahos

Sneakerhead from South Florida who turned his passion into a career. When not writing for Sole Retriever, I enjoy watching films and discovering music. Follow me on Letterboxd @nickvlah For tips, reviews, or any shoes in a size 13, email nick@soleretriever.com