Macy’s Is Closing 30 Stores in Early 2020
Update (Jan. 9, 2020)
Macy’s has confirmed another set of more than a dozen closures, bringing the total number of shutterings to roughly 30 stores.
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Over the next couple of months, the retailer expects to hold liquidation sales as it downsizes its fleet of brick-and-mortar outposts. One Bloomingdale’s location is also scheduled to shut down.
FN has provided a list of the closures below.
What We Reported (Jan. 7, 2020): Macy’s Is Closing More Than a Dozen Stores in Early 2020
Macy’s is set to close more than a dozen stores early this year.
The department store chain has confirmed the closures of 15 outposts across the country, including locations in shopping centers as well as free-standing locations.
The list includes Westfield Meriden, Connecticut; Macon Mall in Georgia; Lewiston Center Mall in Idaho; University Mall in Illinois; Towne Square Mall in Kentucky; The Centre at Salisbury in Maryland; Northgate Mall, Ohio Valley Mall and Stow-Kent Plaza in Ohio; Harrisburg Mall and Nittany Mall in Pennsylvania; Rivergate Mall in Tennessee; and Cascade Mall, 54 East Main St. and 300 Pine St. (its Seattle flagship) in Washington.
In a statement to FN, a spokesperson said that Macy’s “regularly review[s] our store portfolio” and will provide an update on the store closures at its investor day on Feb. 5.
The announcement comes less than two months after the company posted its third-quarter earnings report ended Nov. 2, logging its first same-store sales decline in two years and slashing its guidance for the full year.
The Cincinnati-based firm blamed the disappointing results on the warmer fall season, coupled with slowing foot traffic, amid a broader shift from brick-and-mortar to online retail.
“After seven consecutive quarters of comparable sales growth, we experienced a deceleration in our third-quarter sales,” Chairman and CEO Jeff Gennette acknowledged in a statement. “While we anticipated a negative comp [because] we were lapping a very strong third quarter last year, the sales deceleration was steeper than we expected.”
In the past few months, Macy’s has been investing more resources in its e-commerce mobile app, which it said is on track to exceed the goal of $1.5 billion in sales, as well as enhancing its website to promote online sales and drive in-store visits.
Although Gennette said on Nov. 21 that the retailer has “confidence in our holiday strategies,” Macy’s has lowered its outlook, with adjusted earnings per share in the range of $2.57 to $2.77, below the previous guidance of $2.85 to $3.05. It also expects sales to be down 2.5% to 2.0%, versus the previous reading of approximately flat sales.
Upcoming Macy’s store closures
California: Somersville Towne Center in Antioch
Connecticut: Westfield Meriden in Meriden
Florida: The Falls (Bloomingdale’s location) in Miami, Indian River Mall in Vero Beach, Pompano Citi Centre in Pompano Beach, Seminole Towne Center in Sanford
Georgia: The Gallery at South DeKalb in Decatur, Macon Mall in Macon
Hawaii: Kings’ Shops in Waikoloa Village
Idaho: Lewiston Center Mall in Lewiston
Illinois: Spring Hill Mall in West Dundee, University Mall in Carbondale
Indiana: Muncie Mall in Muncie
Kansas: Prairie Village Shopping Center in Prairie Village
Kentucky: Towne Square Mall in Owensboro
Maryland: The Centre at Salisbury in Salisbury
Massachusetts: The Mall at Whitney Field in Leominster
Montana: Northside Center in Helena
New York: Commack Shopping Center in Commack, Broadway Mall in Hicksville
North Carolina: Hanes Mall in Winston-Salem
Ohio: Northgate Mall in Greater Cincinnati, Ohio Valley Mall in St. Clairsville, Stow-Kent Plaza in Stow
Pennsylvania: Harrisburg Mall in Harrisburg, Nittany Mall in State College
Tennessee: Rivergate Mall in Goodlettsville
Washington: Cascade Mall in Burlington, 300 Pine St. in Seattle, 54 East Main St. in Walla Walla
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