Macy’s Closing 125 Stores Slaching 2000 Positions – Is CNY At Risk?
Deeper cuts are being made at Macy's as they look to close more stores and eliminate 9% of its corporate and support positions.
Macy's at Sangertown Square and Destiny USA was spared in the last round of closures, fingers crossed we'll make it through this as well. USA Today reports Macy's will close roughly 125 stores, a fifth of its locations, over the next three years.
The stores slated to shut down are located in "lower-tier" malls, and among Macy's "least productive" locations says the New York Post. The press release states we'll see a new phase for Macy's Star Rewards Loyalty program later this month, as well as an additional 50 Backstage store-within-store locations and seven additional freestanding, off-mall Backstage stores. The company is also testing a new store format for strip mall locations call Market by Macy's:
This new format is smaller than an average Macy’s store and will be located off-mall in lifestyle centers. Market by Macy’s will feature a mix of curated Macy’s merchandise and local goods, as well as local food and beverage options and a robust community events calendar. The company will open its first Market by Macy’s in Dallas on February 6, 2020. [Macy's]
USA Today reports national chains Macy's, J.C. Penney, Pier 1 Imports, as well as other retailers, have collectively announced 1,218 store closures this year. Global marketing research firm Coresight Research says 2019 saw more than 9,200 stores close included the liquidation of Payless Shoe Source, Gymboree, Charlotte Russe, and mass closures by Family Dollar, Forever 21, Sears, Kmart, A.C. Moore, and GameStop.