Macy's To Close Two Dozen Stores
NEW YORK - Macy's is closing roughly more than two dozen stores as troubles mount for the storied retailer.
The company confirmed to Diversity Business that it's shuttering 28 Macy's locations and one Bloomingdale's location in the coming months. Closures affect locations in several states, including Florida, California and Georgia, according to lists compiled from various media reports.
Macy's reported Wednesday that sales in November and December declined only 0.6%, alleviating fears from investors that it would be a dreadful holiday shopping period. The stock jumped 2% in early trading before retreating.
The company could use some optimism. In its most recent earnings report, Macy's posted a sales decline of 3.9% at stores open for at least a year.
Still, Macy's CEO Jeff Gennette said the lower sales were "steeper than we expected." He blamed warm weather, fewer tourists shopping in stores and problems at lower-tier malls. Shares of Macy's have lost roughly 40% over the past year.
Department stores are being squeezed by discount chains, like TJ Maxx and Target, which is pressuring profits and forcing them to put products on sale.
Last year was brutal for US retailers. They announced 9,302 store closings, a 59% jump from 2018 and the highest number since Coresight Research began tracking the data in 2012.
This year is also off to a rough start. Pier 1 Imports said Monday that it's closing nearly half of its stores "in order to better align its business with the current operating environment."
Macy's said it would provide a full list at its upcoming investor day on February 5. For now, we know the Bloomingdales in The Falls mall, which is southwest of Miami, is closing. Here's a list of Macy's locations that are slated for closure:
Somersville Towne Center, Antioch, CA
Westfield Meriden, Meriden, CT
Pompano Citi Centre, Pompano Beach, FL
Seminole Towne Center, Sanford, FL
Indian River Mall, Vero Beach, FL
Macon Mall, Macon, GA
The Gallery at South DeKalb, Decatur, GA
Kings' Shops, Waikoloa Village, HI
Lewiston Town Center, Lewiston, ID
University Mall, Carbondale, IL
Spring Hill, West Dundee, IL
Muncie Mall, Muncie, IN
The Village, Prairie Village, KS
Towne Square Mall, Owensboro, KY
The Centre at Salisbury, Salisbury, MD
The Mall at Whitney Field, Leominster, MA
Northside Center, Helena, MT
Broadway Mall, Hicksville, NY
2 Veterans Memorial Highway, Commack, NY