CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
MajorsJan 06, 2017
Macy’s, Sears Announce Store Closures
The challenging retail environment and poor performances during the holiday season continue to affect both retailers.
Macy’s has announced that will be closing 63 stores early this spring, including its store at the CityPlace shopping center in West Palm Springs, Florida, pictured here.
New York--The challenging retail environment continues to take its toll on two major department store chains.
After announcing in August that it would shutter 14 percent of its full-line stores in 2017, Macy’s Inc. has revealed which stores have been, or will, be shut down.
The Cincinnati-based company announced Wednesday the locations of 68 of the stores that will close, three of which have shut down already, with 63 more to follow in early spring and two more in mid-2017.
The full list of store closings and future openings can be found on the Macy’s investor relations site.
As a result of the closing of 63 Macy’s stores early this year, along with the three that closed in 2016, the company said its sales are expected to be negatively impacted by approximately $575 million.
It also estimates that about 3,900 employees will lose their jobs as a result of the closures.
Macy’s struggled during the holiday season, reporting a 2 percent decrease in comparable store sales on an owned-plus-licensed basis for November and December combined, though the retailer did note a strong performance from fine jewelry during the season.
The store closings, along with a restructuring plan and the sale of some of its properties, come in response to the retailer’s lagging sales.
Macy’s said it believes these actions could generate annual expense savings of about $550 million beginning in 2017, allowing it to invest an additional $250 million in growing its digital business, store-related growth strategies and other aspects of its business like its off-price division Backstage, the Bluemercury specialty beauty stores and growth in China.
In fact, the retailer said it plans to open about 50 new Backstage shops inside existing Macy’s stores as well as 50 Bluemercury stores.
Meanwhile, Sears Holdings Corp. also said it would close more stores amid “a challenging retail environment” and increasing losses.
In a press release issued Thursday, the retailer announced the closure of 150 non-profitable stores, 108 Kmart and 42 Sears stores.
That full list of exactly what stores are closing can be found on SearsHoldings.com.
The company also reported challenging fourth quarter sales, with same-store sales at Sears and Kmart for the first two months of the period down between 12 and 13 percent.
In a sign of the times, Sears also is selling its iconic Craftsman line of tools for about $900 million to Stanley Black &
Editors' Picks
Sponsored by
Decker and has entered into a $500 million committed secured loan facility with Seritage.
Editor’s Note: This story was updated on Jan. 6, 2017 to say that the retailer’s actions are meant as a response to slowing sales, rather than losses, which is incorrect as Macy's is still profitable.
Editor’s Note: This story was updated on Jan. 6, 2017 to say that the retailer’s actions are meant as a response to slowing sales, rather than losses, which is incorrect as Macy's is still profitable.
More on Majors
The Latest
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
