Dozens more Macy’s stores are slated to permanently shut down this year.
In an email to FN, a Macy’s spokesperson confirmed that 45 outposts are heading for the chopping block. The units were included in a list of previously announced closures as part of the company’s turnaround plan unveiled in February.
“As previously announced, Macy’s Inc. is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls,” the spokesperson said. “These closures bring us closer to achieving the right mix of mall-based stores.”
During its investor meeting last year, the department store chain revealed plans to shutter 125 outposts over the course of three years as well as consolidate its headquarters in New York City in an effort to streamline its business. As part of the move, roughly 2,000 corporate jobs, or 9% of its workforce, were expected to be lost. Macy’s added that it would close its offices in San Francisco, downtown Cincinnati and Lorain, Ohio. It anticipated annual savings of $1.5 billion through the 2020 fiscal year.
Following the planned closures, Macy’s will operate about 400 locations across the country. It continues to make upgrades to its stores through a “growth treatment” that includes physical store improvements and investments in merchandising, technology, talent and local marketing.
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What’s more, the retailer shared last year that it expects its top 250 units to account for 78% of sales by 2021. It has also debuted in certain markets its new small-format concept, Market by Macy’s, which spotlights locally made products and hosts community events like book signings and wine tastings, along with an in-store cafe.
In its most recent quarter, Macy’s recorded better-than-expected earnings and sales: For the three months ended Aug. 1, the chain posted an adjusted loss of $251 million, or a loss of 81 cents per share, compared with last year’s adjusted profits of $88 million, or earnings of 28 cents per share. Still, it was significantly better than market watchers’ forecasts for a loss of $1.77 per share. Q2 revenues were $3.56 billion, versus the prior year’s $5.55 billion, but also topped consensus bets of $3.47 billion in sales.
Here, FN lists the Macy’s stores that have recently closed or are shutting down for good.
- Paradise Valley
- El Cajon Parkway
- Monterey Furniture (closed in Q4 2020)
- Bloomingdale’s store in Santa Monica
- Brass Mill Center
- Crystal Mall
- Port Charlotte Town Center
- Volusia Mall
- Winter Haven (closed in Q4 2020)
- Hyatt Regency (Maui)
- Grand Teton Mall
- Water Tower Place
- College Mall
- Cambridgeside (closed in Q4 2020)
- Marlow Heights
- Independence Center
- Northpark Mall
- West Park Mall
- Sangertown Square
- White Plains Galleria
- Great Lakes Mall
- Richland Mall
- Tri-County Mall
- Lima (scheduled to close in Q1 2021)
- Lloyd Center (closed in Q4 2020)
- The Avenue Carriage Crossing
- Old Hickory Mall
- Golden Triangle
- Post Oak Mall
- Rolling Oaks
- Vista Ridge Mall
- South Towne Center (scheduled to close in mid-year 2021)
- Commons at Federal Way