Name: Macy's is shuttering 45 more locations this year, as part of its 3-year store closure plan
Brand: cnbc.com
SKU: cnbc-com-371
Availability: OnlineOnly

critic

Macy's is shuttering 45 more locations this year, as part of its 3-year store closure plan

preview

Key Points has notified the employees at about 45 of its department stores that they will close by the middle of this year, CNBC has learned.The closures are part of , which the retailer outlined last February.a day ago."As previously announced, Macy's is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls," a spokeswoman told CNBC in a statement."To that end, we announced several store closures today that align to the guidance we provided in February 2020," she said. "These closures bring us closer to achieving the right mix of mall-based stores."There are about 1,000 malls operating in the U.S. today, according to commercial real estate services firm Green Street.&nbsp;A large majority of those malls are classified as so-called B-, C- and D-rated malls, meaning they bring in fewer sales per square foot than an A mall. An A++ mall could bring in as much as $1,000 in sales per square foot, for example, while a C+ mall does about $320.Macy's Chief Executive Jeff Gennette had previously said the company was still betting on the best malls in the country, but that .In November, , as consumers cut back their spending on clothes and accessories at the mall during the&nbsp;. Digital sales grew 27%, but those gains weren't enough to offset losses at its stores.This company embraced the coronavirus economy and now it is hiring workersThat trend showed up across the retail industry during the holidays. Shopper visits to brick-and-mortar stores fell 33% year over year for the six-week holiday period, according to Sensormatic Solutions, which tracks footsteps with cameras. That came in below Sensormatic's initial projection that traffic would fall 22% to 25%.Macy's has been trying to stay afloat in a tumultuous retail environment. More than three dozen retail companies including J.C. Penney, Neiman Marcus and Lord &amp; Taylor , as consumers have increasingly been steering clear of department stores in particular.This couple rebuilt their multimillion dollar business in three monthsLiquidation sales have already started at some locations, and the rest are slated to start later this month.Macy's operates 544 of its namesake department stores, along with 34 Bloomingdale's locations, 19 Bloomingdale's outlets and 166 Bluemercury shops, according to its website.The 2020 holiday season could be a make or break it for many retailers

Key Points has notified the employees at about 45 of its department stores that they will close by the middle of this year, CNBC has learned.The closures are part of , which the retailer outlined last February.a day ago."As previously announced, Macy's is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls," a spokeswoman told CNBC in a statement."To that end, we announced several store closures today that align to the guidance we provided in February 2020," she said. "These closures bring us closer to...

public

Lauren Thomas

cnbc.com

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Macy's is shuttering 45 more locations this year, as part of its 3-year store closure plan

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS