Nike's troubles are quite simple and of its own making. A good mantra in retail is don't make it hard for me to give you money. Nike makes it nearly impossible.
A few years ago it retreated from most online retailers and many brick and mortar to become mostly D2C. Remaining third-party retailers could offer only part of the catalog, retaining specialized products for Nike direct.
The third parties had wide Nike selections online and in-store, ecommerce had great filters, people could find what they want, or at least get close.
Discoverability in ecom is hard. We had 6000+ skus at Zappos. We constantly fretted over colors (display all in search or just on product page), words, category definition, searchfilter facets. What language to customers use to describe what they are looking for? What is a white shoe vs a shoe *with* white?
Nike doesn't even try. The site has 779 mens shoe choices. It's impossibly difficult to find the filter you need. Every colorway is displayed as unique and almost never adjacent to its other colorways. Its stores stock a comical, seemingly random array of products.
To effectively shop at Nike you need to hear about a shoe from someone else. It blocks ChatGPT and other bots so even if you're looking for something new (find me a casual shoe), ChatGPT can't direct you to Nike. I get this for third-party sites...minimize comparison shopping...but for brands it makes no sense.
In store, for example, you can't buy a Nike soccer or tennis shoe at either of its Austin stores right now. That's an edge case but if its a category they care about, it would seem they would use their real estate to at least show you it exists. Try buying a casual Nike at Nike Soho, the flagship store.
Nike stores are not a place you go to get Nikes when your intent is utility. They are hype beast outlets designed to brand build on top of very expensive real estate (Nike Austin is next door to Hermes). Brand building makes sense when your product is easy to buy.
If you make it hard, you're toast (or Hermes in which case you won at life).