Macy's to Close Seven More Stores
Macy’s to Close Seven More Stores
Macy’s on Thursday announced seven more store closings, including one in downtown Miami.
Also on the chopping block are Macy’s stores in Gainesville, FL; Novato, CA; Terre Haute, IN; Fort Gratiot Township, MI; Cincinnati, OH; and Burlington, VT. Clearance sales are expected to begin at most locations Jan. 8 and last for eight to 12 weeks.
Including these stores, Macy’s has closed 124 locations since 2015.
The retail giant and other chains have been shuttering stores amid sales declines due to the rise of e-commerce and other factors.
“A healthy store base combined with robust digital capabilities is Macy’s recipe for success,” Macy’s CEO Jeff Gennette said in a release. “Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth.”
Barry Wolfe, senior managing director for Marcus & Millichap in Fort Lauderdale, disagrees with the notion that e-commerce is solely to blame for retailers’ problems. In many cases, the stores and the shopping experiences became stale, he said.
“It’s popular to dog retail, but a lot of these stores would be struggling even if the internet didn’t exist,” he said.
Wolfe added that Macy’s Miami location, at 22 E. Flagler St. (pictured, above), will be a prime urban infill redevelopment opportunity.
“We’ve seen that a lot,” he said. “It may take a little bit of time, but it comes out better than what it was to begin with.”