Pretty straightforward.
https://m.youtube.com/watch?v=ALjbM1tWtys
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This is not a new take or narrative. This has been covered in the news extensively for the last two years. It’s kind of annoying how the individuals talking in the video are explaining it like it was a novel findings of their own research when they’re just regurgitating the common existing narrative which others analysts have been proposing for a long time.
https://www.businessinsider.com/nike-sneakers-replaced-by-hoka-hey-dude-in-stores-2023-2022-12?amp
Interesting. So cutting back on retail didn't just reduce footprint, it forced those retailers to give more prominence to the upstart competitors.