Macy's Adds Seven More Stores to Closure List to Bring Total in Latest Round to 11
Macy’s Adds Seven More Stores to Closure List to Bring Total in Latest Round to 11
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Macy’s on Thursday announced 11 more store closings including seven that weren’t previously disclosed.
They include one in downtown Miami as well as 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.”
Alan Bush, a retail analyst in West Palm Beach, said a downtown department store is a challenge because parking is limited. Shoppers who tend to frequent the store walk there or take public transportation, and they don’t want to buy much because it’s not convenient lugging it home, he said.
Mika Mattingly, co-manager of Colliers International South Florida’s urban core division, said in a statement that hip new retailers and restaurants such as Jar and Fork have opened in downtown Miami and are unlike the tenants found in traditional shopping centers.
“The closing of Macy’s is a good thing,” she said. “The store is a dinosaur from another era.”
Source: Macy’s Adds Seven More Stores to Closure List to Bring Total in Latest Round to 11
