At the time, Nike had about 30,000 wholesale partners. By March 2022, the company had cut that by more than half. Wall Street loved the strategy. Selling direct to consumers can mean more profits.

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Nike forgot that it still holds the cards in these wholesale relationships. Foot Locker, for example, brought in roughly 65% of its revenue from Nike in 2022, and those businesses deliver ...

The in-store effort at The Corner in the company's New York flagship will feature apparel geared toward runners.