A MACY’S employee has confirmed that a popular mall location has closed down – with at least 150 spots in the crosshairs.
The closure comes as Macy’s pushes forward with its “Bold New Chapter” announced last year.
ReutersA Macy’s employee has confirmed that a popular mall location has closed down[/caption]The outlet Local Memphis reports that a Macy’s at Oak Court Mall in East Memphis has now closed.
It was confirmed by the mall’s general manager to ABC24 on Thursday.
The same manager said that the Macy’s at the mall closed on March 23.
This location was on the list of an initial 66 Macy’s stores closing this spring, as reported by The US Sun last month.
The count was originally set at 50 for the season, but that number was bumped up to 55 and then again to 65 before reaching the final total, per Axios.
Liquidation sales are also taking place at Macy’s across 22 states in the US.
CEO Tony Spring explained to investors during a recent earnings call: “At the start of the closure strategy [we] said we had locations that were less profitable and less productive, and we wanted to monetize them as soon as possible.
“So the fact that we are closing more stores this year is a reflection of the fact that our assets have value and that even in this less stable market, we are transacting.”
This comes with the goal of use the $600 to $700 million Macy’s will gain from the shutdowns to invest in its other stores.
He also plans to invest in new ones, including 30 smaller stand-alone Macy’s, 15 new Bloomingdales, and 30 new Bluemercury locations.
MACY’S MASSACRE
Macy’s all over the US are feeling the full force of this revitalisation, however.
At least five New York locations are set for the chopping block.
This includes stores at Fordham Place, Queens Place, Sheepshead Bay, Sunrise Mall, and Staten Island Furniture.
Another location in Salem, Oregon, is also getting the axe by the end of this month.
A Minnesota-based Macy’s also recently ceased operations at the end of February.
Macy’s needs to respond to its fledgling financial situation, as its profit margins become smaller.
Macy's closures
Macy's has confirmed the 66 stores closing across 22 states over the next few weeks. The full list is included below:
Arizona
MesaCalifornia
Chula Vista Citrus Heights Corte Madera Los Angeles Newark San Diego WestminsterColorado
Centennial DenverFlorida
Altamonte Springs Furniture Boynton Beach Fort Lauderdale Furniture Pembroke Pines Furniture South Dade Furniture Sarasota TampaGeorgia
Duluth Furniture Duluth Suwanee Market by Macy’sIdaho
Coeur d’AleneIllinois
SpringfieldLouisiana
LafayetteMaryland
Bel Air BaltimoreMassachusetts
KingstonMichigan
Flint Sterling Heights Traverse City TroyMinnesota
Burnsville MaplewoodMissouri
Kansas City St. LouisNew Jersey
West OrangeNew York
Brooklyn Bronx Elmhurst Huntington New Hyde Park Massapequa Rochester Staten IslandOhio
Beavertown ToledoOregon
Hillsboro SalemPennsylvania
Altoona Exton Philadelphia Wilkes BarreTennessee
MemphisTexas
Dallas Market by Macy’s Flower Mound Market by Macy’s Fort Worth Market by Macy’s Houston Plano FairviewVirginia
Colonial HeightsWashington
Puyallup Redmond Furniture SilverdaleSource: Axios
Spring claimed that Macy’s “can and should be better”, as reported by The US Sun.
He said at the time: “Let’s change the presentation on the floor in terms of density of product.
“Let’s put people back into the fitting rooms to make sure the service experience is better.
“I love the question because the death of department stores has been going on since I was a child.
“So, I’m not that young anymore, and the same death knell has kind of been rung multiple times.”
The CEO also cited a 2.4% decrease year over year to about $4.7 billion during the most recent fiscal quarter.
The mall manager said that the Macy’s at the mall closed on March 23Getty Read More Details
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