A woman walks past an Allbirds store in the Georgetown neighborhood of Washington, D.C., Feb. 16, 2021.<\/p>\n
Al Drago | Bloomberg | Getty Images<\/p>\n
Shoe brand Allbirds<\/a> on Wednesday became the latest retailer to shift its focus from physical stores to online retail to increase profitability.<\/p>\n The company announced<\/a> that it will close its remaining full-price stores in the U.S. by the end of February to use its resources for e-commerce and partnerships. <\/p>\n “This is an important step for Allbirds, as we drive toward profitable growth under our turnaround strategy,” CEO Joe Vernachio said in a statement. “We have been opportunistically reducing our brick-and-mortar portfolio over the past two years. By exiting these remaining unprofitable doors, we are taking actions to reduce costs and support the long-term health of the business.”<\/p>\n Allbirds said it will continue to operate two outlet stores in the U.S. and two full-price stores in London.<\/p>\n The sustainable shoe company got its start<\/a> in Silicon Valley and flourished during the direct-to-consumer boom, making its initial public offering in 2021. It joined a number of DTC companies<\/a> that sought to build their customer bases through physical retail and banked on opening stores to boost balance sheets.<\/p>\n Now, as rents rise, physical retail loses its shine and being digitally native becomes more important, Allbirds and other DTC companies have begun to shift their focus<\/a>. The sneaker company has previously announced gradual store closures across the country.<\/p>\n