瑞银日前举办专家电话会议，邀请运动鞋服零售行业前高管探讨行业现状与风险机遇。专家认为，当前行业困境并非简单的"消费者从生活方式鞋类转向性能鞋类"，核心问题在于球鞋文化本身已失去部分热度与关注度；耐克、Jordan、Yeezy等品牌过久依赖少数成功系列，未推出有意义的替代产品，On、Hoka、New Balance、Asics等虽抢占份额，却未能复制行业此前的社交货币属性与文化影响力，加之行业缺乏新一轮重大创新周期，需求预计将持续承压。专家仍看好Dick's收购Foot Locker的战略逻辑，认为其并非押注短期复苏，而是看重全球规模、客户数据、生活方式定位与文化相关性；一旦球鞋文化重拾动能，合并平台有望成为最大受益者之一。
We recently hosted an expert call with a former executive in the Athletic Footwear and Apparel Retail sector. The expert argued that the athletic footwear industry's challenges have been much broader than a simple consumer shift from lifestyle to performance footwear, with the core issue being that sneaker culture itself has lost some of its luster and consumer focus. Some key brands relied on the same successful franchises for too long without introducing a meaningful replacement; while brands such as On, Hoka, New Balance and Asics have gained share, they have not replicated the social currency and cultural significance that Nike, Jordan and Yeezy once provided, and the industry lacks a meaningful innovation cycle, so the sneaker market could remain pressured until innovation and energy returns. The expert remains constructive on the strategic rationale of Dick's acquisition of Foot Locker, arguing Dick's was realistic about the difficult demand environment and acquired Foot Locker f