After making headlines multiple times last month, The Whitaker Group is again in the news. No, not for their potential deal with adidas or the fact that founder James Whitner is no longer part of an ongoing federal money laundering case, but for closing down one of the multiple storefronts — Prosper.
First founded in 2015, the New Jersey-based retailer has been part of the local sneaker community for nearly a decade and gets its name from Jersey City’s motto of Let Jersey Prosper. In an Instagram post, the brand stated that the store would close at the start of the new year. The brand even explicitly states in its post that “change in the economy has negatively affected many things in the world including market conditions for various forms of business,” indicating that they’re not doing well financially.
This isn’t the first store in recent times to shutter its doors, as we’ve seen others in the space like atmos (who left the US market), Eastbay, wellgosh, Hanon, and YCMC shut down operations. Not only are storefronts experiencing a downturn but so are footwear brands. Yesterday, Nike announced its FY25 Q1 earnings, with revenue down 10% compared to the year prior, and is in the midst of changing its CEO and strategy.
While the loss of Prosper marks the end of a chapter for the brand, it also underscores the broader shifts in the economy and the industry. As The Whitaker Group navigates this transitional period, only time will tell how they adapt to the changing landscape. One thing is sure — the impact of Prosper's nearly decade-long run will not be forgotten by the local sneaker community it served.
Download the Sole Retriever mobile app to stay updated on the latest releases, raffles, news, and more in the sneaker and streetwear world.
Sneakerhead from South Florida who turned his passion into a career. Concerts, music, trying new restaurants, and catching the latest movies are some of the things I enjoy when not writing for Sole Retriever. Email: nick@soleretriever.com