The US retail landscape is shifting, and department stores are suffering. While shoppers move online, productivity at brick-and-mortar locations—measured as sales-per-square-foot—is dwindling. Many chains haven’t closed stores quickly enough to keep pace, including Macy’s.
The US retail landscape is shifting, and department stores are suffering. While shoppers move online, productivity at brick-and-mortar locations—measured as sales-per-square-foot—is dwindling. Many chains haven’t closed stores quickly enough to keep pace, including Macy’s.
The company today announced the locations of 65 stores it will close by the middle of this year, 63 of which will close in early spring while the remaining two will close later. Macy’s estimates the closings will eliminate approximately 3,900 jobs, though it says those workers may be offered positions in nearby stores where possible. However, Macy’s also announced it will cut approximately 6,200 jobs across its other operations as it restructures.
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The stores will account for the bulk of the 100 closings—nearly 15% of its portfolio of full-line stores—that the company first announced last August. Three stores already closed around the middle of 2016, and the company said in a press release that it plans to close around 30 more stores ”over the next few years as leases or operating covenants expire or sale transactions are completed.”
Here is the full list of announced locations that have closed or are planned to close, along with the size of the store and the number of jobs eliminated.
Already completed 2016 closings
Closings already in progress
Remaining closings in 2017
