Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Macy’s to Close 14% of Its Stores in 2017
The retailer currently has 728 stores, including 675 full-line locations, and said it will shutter 100 of them next year.
New York--Macy’s Inc. is continuing to shed stores, announcing Thursday that it will close 100 of its 728 locations early next year, or about 14 percent of its retail fleet.
The 100 stores are all full-line (non-outlet) Macy’s locations and most of them will close in early 2017.
The retailer said the locations of the 100 stores will be announced later, once the company makes final decisions, and that employees at those stores will be notified before the information is released to the public.
Macy’s has struggled in recent quarters, finishing 2015 with a 5 percent drop in same-store sales in November and December and announcing that it would lay off thousands of workers. It also recently closed 41 stores.
Going forward, the retailer wants to position itself as “America’s preferred omnichannel shopping destination,” and said it will sink capital into its digital businesses and best-performing stores while shedding physical locations where sales are lagging.
Part of the plan for improving the in-store shopping experience, Macy’s said, is to accentuate “high-potential businesses, such as fine jewelry.”
The retailer already has begun rolling out renovated fine jewelry departments.
“The announcements we are making today represent an advancement in our thinking on the role of stores, the quality of the shopping experience we will deliver, and how and where we reinvest in our business for growth,” said Macy’s President Jeff Gennette, who will take over for outgoing CEO Terry Lundgren next year.
He also said, “We believe that this reduction of 100 locations in the short term will result in a more appropriate store portfolio for Macy’s in the longer term and help us to accelerate our progress in building a vibrant omnichannel brand experience.”
Over the past six years, Macy’s has opened 19 stores, including six off-price locations, and closed 90, meaning its physical footprint has shrunk by net 71 stores.
Another way to look at it: Back in 2010, Macy’s had 799 stores. By the time the most recent round of closures is complete, it will have 628 stores, a 20 percent reduction in its physical footprint.
Also on Thursday, Macy’s released its results for the quarter ended July 30.
Same-store sales on an owned plus licensed basis fell 2 percent while total sales were down 4 percent, from $6.10 billion to $5.87 billion. The closing of 41 Macy’s stores in fiscal 2015 impacted the company’s total sales results.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The announcement came as the company reported a 23 percent drop in production in Q1.
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.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.