Macy's is closing roughly 125 stores. Macy's, Pier 1 and other retailers are shutting down large numbers of stores for good.
Macy's CEO says closing stores is a necessary step. While closing two dozen stores is a good start, there's a lot more work to do for this iconic department store chain. The FactSet consensus for this fiscal year is $24.54 billion.Macy’s is scheduled to report fourth-quarter earnings on Feb. 25.Instead, the retailer should be asking who they’re serving and why they would go to Macy’s.On the bright side, he notes that Macy’s isn’t weighed down by debt in the same way that a lot of troubled retailers are. “Historically it was quality and variety.
We will update this story with a full rundown of Macy’s stores closing as the information is made public. Macy's, once the model of the luxury department store, has struggled to stay afloat during a time when Amazon has remade the shopping landscape and one time retail giants like Payless and Toys R Us are going out of business.Miami: The Falls Mall (Bloomingdales)The retailer also said that it is cutting about 2,000 positions , eliminating 9% of its corporate and support positions.Macy’s will close roughly 125 stores, a fifth of its locations, over the next three years.Salisbury: The Centre at SalisburyLeominster: The Mall at Whitney Field“We are making deep cuts that impact every area of our business,'' Macy's CEO Jeff Gennette said Wednesday during the retailer's Investors Day.
Clairsville: Ohio Valley MallDecatur: The Gallery at South DeKalbHelena: Helena Northside CenterThe retailer says that shutting weaker stores in lower-tier malls will enable it to focus on locations with stronger sales as well as its online operations.After previously announcing that it would close 29 locations, Macy's said Tuesday that it will now shutter nearly 100 more.Pompano Beach: Pompano Citi CentreHarrisburg: Harrisburg East Mall Big cuts are coming to Macy's. The company’s stock is down 40% over the past 12 months, and down 50% over the last three years. As a result, in-store sales are falling at many of these small-city Macy's locations.First, Macy's will continue to shrink its store count in markets where it has multiple locations. We will update this story with a full rundown of Macy’s stores closing as the information is made public. JPMorgan rates Macy’s stock underweight.Store sales last fiscal year totaled $24.97 billion.
And for now, the fate of the only Northstate location is up in the air. In today's retail world, it makes more sense for the chain to focus its efforts on the best malls in each region.Stock Advisor launched in February of 2002. "Macy’s is proud to have served the Goodlettsville community over the past 49 years, and we look forward to continuing to do so at nearby Macy’s stores including Macy’s Green Hills, Macy’s Cool Springs and online," said Lauren Vocelle Manager, Media Relations - South Region.GOODLETTSVILLE, Tenn. (WTVF) — The Macy's located in the Rivergate Mall in Goodlettsville is closing.In an era where you can buy anything with the click of your finger, shopping malls are taking a hit. "The changes we are making are deep and impact every area of the business, but they are necessary.
This doesn’t include jobs that will be lost to store closures and staff adjustments in remaining stores.“The bigger issue is whether Macy’s needs a rebrand and whether Macy’s will carry brand value for those marketplace participants, or will the Macy’s brand be a deterrent for upstart brands to want to get involved,” he said.Macy’s has also announced a new, smaller store format that will open in Dallas on Feb. 6.