Nike Inc. and Foot Locker Inc. have opened the first of 50 planned House of Hoops, a basketball-specific store, in New York. It is a new retail concept selling "all things basketball" and the first joint venture between the two companies.

The first joint retail project by Nike and Foot Locker brings Nike, Jordan Brand and Converse products exclusively under one roof.

Nike and Foot Locker plan to open 50 House of Hoops over the next three years in key U.S. markets.

The new stores will sell basketball product available nowhere else in the United States, including exclusive footwear.