Dick’s Sporting Goods Poised to Acquire Foot Locker in $2.3 Billion Play for Retail Dominance
May/15/2025
Dick’s Sporting Goods, the largest sporting goods retailer in the U.S., is on the verge of acquiring Foot Locker in a $2.3 billion transaction aimed at consolidating its dominance in a fragmented market. The acquisition, priced at $24 per share—an 88% premium over Foot Locker’s recent closing price—could be finalized as early as Thursday, barring any last-minute complications. The move would not only mark Dick’s most ambitious acquisition to date but also significantly expand its international footprint by absorbing Foot Locker’s 2,400 stores across 26 countries. At home, Dick’s has steadily grown its store count over the past decade, as illustrated in the following chart detailing the number of locations from fiscal 2013 to 2023. Both companies, led by female CEOs, have been adapting to retail headwinds—including tariff shocks, supply chain instability, and evolving consumer expectations—by investing in omnichannel strategies and experiential store formats. Dick’s maintains robust brand awareness at 88% among U.S. online sports and outdoor shoppers, with a loyal user base and consistent buzz across media platforms. The proposed deal mirrors recent consolidation activity in the sector, such as 3G Capital’s $9.4 billion acquisition of Skechers, signaling renewed momentum for scale-driven growth in athletic retail.
