Dick's Purchases Foot Locker, The Crowd Doesn't Cheer

Dick’s Sporting Goods chart year to date: down ~20%

Dick’s Sporting Goods shook the retail landscape when it announced yesterday that it was acquiring Foot Locker in a $2.4 billion deal. The two chains combined will represent 3,200 doors that span 22 countries. The news was first reported ($$) by the Wall Street Journal Wednesday afternoon.

What Dick’s Says the Deal Delivers

In a press release, the Pittsburgh chain highlighted the following benefits:

• Create a global platform within the growing sports retail industry.

• Serve a broader set of consumers across differentiated concepts.

• Strengthen relationships with brand partners through global reach.

• Invest in future growth through an industry-leading omnichannel experience.

• Unlock operational efficiencies that create shareholder value.

Nike’s Reset Creates An Opening

On a conference call with analysts announcing the news yesterday, Dick’s founder, executive chairman and chief merchant Edward Stack pointed at Nike’s improved relationship with whole…