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Macy’s will close a handful of locations.
The four on-mall stores affected by these closures are located in Los Angeles, Fort Collins, Colorado, Oahu, Hawaii and Gaithersburg, Maryland, a Macy’s spokesperson confirmed to FOX Business on Thursday.
Shoppers walk to the Macy’s store in the Downtown Crossing neighborhood on Wednesday, November 17, 2021 in Boston. (AP Photo/Charles Krupa/AP Newsroom)
The company said it operated just over 720 locations under its Macy’s, Bloomingdale’s and Bluemercury brands as of the end of the third quarter.
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“As part of our Polaris transformation strategy, we continue to optimize and reposition our store fleet to ensure we have the right mix of on-mall and off-mall stores to better serve our customers and drive revenue growth in the omnichannel market effectively support it,” a Macy’s spokesperson told FOX Business.
According to the spokesman, the company will offer those working in the closing stores a “role at nearby locations or severance packages.”
People walk past the large Macy’s billboard on a building in front of Macy’s Herald Square store on October 8, 2021 in New York City. (Gary Hershorn/Getty Images/Getty Images)
The news was first reported by Axios on Wednesday, which said the four stores would be permanently closed in the first quarter.
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CFO Adrian Mitchell discussed store closures with analysts and investors on Macy’s Earnings Call almost two months ago.
“We’ve been aggressive in optimizing our store base and will continue to prioritize asset monetization,” he said at the time. “However, we continue to see the importance of key locations in the best malls, particularly as we expand our omnichannel ecosystem. Line Store Base that we communicated last year.”
The company unveiled its “Polaris” strategy in February 2020, which includes plans to close approximately 125 stores over a three-year period, reduce the number of offices and explore new off-mall formats.
“We continue to meet our customers, no matter how they choose to shop, through a combination of physical stores in the best malls, smaller and affordable stores outside of malls, and a premium digital shopping experience,” the company said, a spokesman said on Thursday.
The retailer posted net sales of $5.23 billion in the third quarter, down 3.9% from the same three-month period last year when it reported $5.44 billion. Net income increased to $108 million from $239 million. (Portal/Shannon Stapleton/File/Portal Photos)
Macy’s has launched several smaller Market by Macy’s stores over the past year in addition to expanding its Macy’s Backstage presence. Another Bloomie’s is also coming in 2023.
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The retailer posted net sales of $5.23 billion in the third quarter, down 3.9% from the same three-month period last year when it reported $5.44 billion. Net income increased to $108 million from $239 million.
| ticker | security | Last | To change | To change % |
|---|---|---|---|---|
| M | MACY’S INC. | 21.56 | +0.21 | +0.98% |
Macy’s shares are up about 0.9% at the time of publication. The company’s share price has fallen over 19% over the past year.