Dive Brief:
-
The Jordan brand will open its first U.S. World of Flight location next week in a historic Beaux Arts building on Philadelphia’s Walnut Street, near Rittenhouse Square, Nike announced on Thursday.
-
It’s the concept’s sixth flagship globally, with more planned across the U.S. The store opens Oct. 10 at 10 a.m., with opening celebrations starting at 4 p.m., including a Jordan Brand Block Party open to the public.
-
The first World of Flight concept launched in Milan three years ago, the latest in Mexico City last year, and in between others opened in Beijing, Tokyo and Seoul, South Korea.
Dive Insight:
This Jordan World of Flight expansion comes amid signs of recovery, at least at Nike more broadly.
CEO Elliott Hill this week cited “tangible progress” in Nike’s turnaround, declaring on a call with analysts Tuesday that “Nike’s journey back to greatness has only just begun.”
Jordan is rebalancing supply and demand, according to research from Needham, an effort that may have a short-term cost. In August, TD Cowen measured a new low in Jordan brand preference share. Nike launched the first Air Jordan shoe in 1985 at the peak of basketball superstar Michael Jordan’s power and the Jordan brand has demonstrated remarkable longevity.
In November last year, though, Jordan’s brand preference score reached a trailing 12-month peak of 35.9%, then a low of 23% in August, with volatility in the months between. TD Cowen analysts led by John Kernan attribute the new low and the volatility to “marketplace clean-up actions.” Together Nike and Jordan enjoy an average 78% of basketball sneaker preference share, down from a peak of 88% in January, according to the TD Cowen survey, conducted in August.
“Our preference share data suggests, in our view, that share is stabilizing under CEO Hill, and even showing signs of increasing sequentially for Nike brand, as Jordan brand is undergoing the most marketplace cleanup,” Kernan said in a September client note.
The World of Flight store will have what the brand calls “the broadest available assortment of Jordan Brand footwear and apparel.” The location will also host community events, exclusive product drops and a space dedicated to personalization.
“World of Flight is a direct portal to our brand and represents the pinnacle of basketball culture,” Jordan Brand President Sarah Mensah said in a statement. “Opening our first World of Flight door in the United States in Philadelphia, where Michael Jordan played his last game and Jalen Hurts is redefining greatness on the football field, is emblematic of the stories, legacy and achievements we continue to create and uplift."
Philly was chosen due to its fierce dedication to basketball, according to Jeremy Bolds, the brand’s North America general manager.
“We are going to further unite the energy of Philadelphia with MJ’s greatness,” Bolds said.
