A US company now announces its reason for unexpected closures after several stores have already shuttered nationwide.
Macy’s CEO, Tony Spring, who took the helm just last month, remains confident that the department store still holds an important role in consumers’ lives.
The 150 Macy’s stores slated for closure in the next three years make up 25% of the banner’s square footage but represent less than 10% of sales, CEO Tony Spring said during a discussion at Shoptalk on Sunday.
The retailer has “too many locations that were built for a different era,” Spring said, adding that the company has “no choice” but to close stores if it wants to thrive and not just survive.
As of February 3rd — a couple of weeks ahead of the latest store closing announcement — Macy’s Inc. had 718 stores across its portfolio, which in addition to its namesake banner includes Bloomingdale’s and Bluemercury.
The breakdown at that time was 502 Macy’s, 57 Bloomingdale’s and 159 Bluemercury locations.
The Macy’s banner had about 101 million gross square feet; overall the company said it had 101.3 million square feet.
“Of course, we’re very sensitive to the impact a Macy’s closure has on our colleagues, our customers, our vendors and the local community,” Spring said.
“But this is a critical step as we move forward.
This isn’t about shrinking.
It’s about improving historically, to make sure that we’re giving people the opportunity to shop the way they want.”
The department store sector remains challenged, with competition heating up from off-pricers and digitally native brands, Spring said.
“The weekday trips to the mall are just not as common or as frequent,” he said.
“And yes, we all need to invest more in our stores. On top of that, digital disruption has forever changed the way people think about the business.”
For more news and updates like this, opt-in for push notifications.
Also Read: Iowa Now Hit By Massive Layoffs In Its Manufacturing Sector
Other Economy News Today
A famous clothing mall retailer is now closing for good after it filed for bankruptcy, leaving several loyal customers in despair.
A Forever 21 store located in a popular shopping mall is set to close in days after more than a decade of business.
Fans of the retailer are in despair after several of the chain’s stores across the US have shut or are closing, reports The US Sun.
The Forever 21 outlet at the Westfield Galleria Mall in Roseville, California – located around 25 miles from Sacramento – will close on March 31.
It comes just years after the chain filed for bankruptcy.
The store is closing after 15 years of business, per The Sacramento Bee.
Westfield Galleria is home to chains including Nordstrom, Macy’s, JCPenney, and Abercrombie & Fitch.
The Forever 21 store located in the Westfield shopping center is just one of several outlets that are closing.
Reacting to the closures, one fan said, “All the Forever 21 stores closing down fr [for real]? Ain’t no way this world is ending.”
Three Forever 21 stores in Kansas City, Kansas, are also closing down and liquidation sales have started.
The prices of clothes have been cut by 50% as bosses rush to clear the last remaining stock.
Signs warning customers that everything must go are hanging from windows, per The Kansas City Star.
Last month, The U.S. Sun reported that the Forever 21 store inside the Destiny USA mall in Syracuse, New York, is also closing on March 31.
Forever 21 has been part of the American retail scene for almost 40 years but in 2019, chiefs filed for bankruptcy.
At the time, bosses expected that up to 178 stores would shut in the US as part of the company’s restructuring plans.
Forever 21 has more than 540 stores globally.
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Company Now Announces Unexpected Layoffs in Arkansas
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.