Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Macy’s to close up to 40 stores
The retailer said although physical stores are vital to its omnichannel strategy, it must shut down stores that are lagging in sales.
Cincinnati--Early next year, Macy’s Inc. will close 35 to 40 underperforming stores, which represents about 5 percent of the total number of Macy’s stores.
While the exact locations will be announced at a later date, Macy’s said Tuesday the stores that’ll be closing have annual sales of $300 million, excluding sales expected to be retained in nearby stores and online.
The closings are taking place as it works to optimize its omnichannel approach to customers shopping across America.
“Physical stores remain absolutely vital to our omnichannel strategy,” said Macy’s CEO and Chairman Terry Lundgren. “As new shopping centers are opened, however, many customers change their shopping habits and often the sales volume of a store gets divided among the new and nearby, existing centers. Each year, we prune some stores that are our weakest performers so that we can concentrate our resources on the best locations and maintain a strong physical presence.”
He added that Macy’s opens a small number of new stores every year to fill in gaps in market coverage or take advantage of real estate opportunities.
As part of its omnichannel strategy, Macy’s also now offers same-day delivery for purchases made online in 17 cities, and has grown its digital offering to include apps and mobile-enhanced websites. Allowing customers to shop wherever, whenever and however they choose enables the retailer to “attract new customers and grow sales profitably,” Lundgren said.
“While making the decision to close stores is difficult, we know it is necessary for us to remain competitive as customer shopping patterns continue to change,” he said.
Macy’s is far from the only major chain retailer in the country that is closing stores.
AboutMoney’s list of U.S. retail chains’ store closings and downsizing plans for 2015 included jewelry-selling stores Sears (closing 77 stores), J.C. Penney (closing 40) and Walmart (2).
Other retailers on the list were Walgreens (200), Staples (55) and Gap/Gap Kids (35 stores by 2016).
Macy’s said its upcoming store closings will be communicated directly with employees in those locations prior to a public announcement, with the retailer adding that associates displaced by closings may be offered positions in nearby stores where possible. Severance benefits will be given to all eligible full- and part-time associates who are laid off due to a closing.
The retailer currently operates 770 Macy’s stores. In the past five years, the retailer has closed 52
RELATED CONTENT: Macy’s gets into the off-price business
Overall, Macy’s Inc. operates about 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the Macy’s, Bloomingdale’s, Bloomingdale’s Outlet and Bluemercury names, as well as macys.com, bloomingdales.com and bluemercury.com. There’s also a Bloomingdale’s in Dubai, operated by Al Tayer Group LLC under a license agreement.
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.