Posted on 01/08/2014 1:36:55 PM PST by dynachrome
Just out from Macy's, which first said the following: "The 2013 holiday season was successful for Macy’s and Bloomingdale’s as we offered fresh and distinctive merchandise, delivered great value to the customer and provided a robust omnichannel shopping experience... Even in a questionable macroeconomic environment with challenging weather in multiple states, the positive response from our customers during the holiday season is yet another vote of confidence that our well-established strategies continue to work for us." What well-established strategies one may ask? Why the following of course, which was also just disclosed in a separate news release "outlining cost reduction initiatives to support continued profitable sales growth": "Approximately 2,500 employees are expected to be laid off and are eligible for severance as a result of these organizational changes. Other associates are being reassigned with new duties or transferred; some open positions will not be filled."
And just in case the message was missed, "The company is announcing today that it will close the following five Macy’s stores in early spring 2014:
•Fiesta Mall, Mesa, AZ (159,000 square feet; opened in 1979; 98 associates); •Metcalf South Shopping Center, Overland Park, KS (216,000 square feet; opened in 1967; 88 associates); •Jamestown Mall, Florissant, MO (200,000 square feet; opened in 1994; 88 associates); •Medley Centre, Irondequoit, NY (129,000 square feet; opened in 1990; 96 associates); •Fashion Place Mall, Murray, UT (26,000 square feet; opened in 1988; 42 associates). Luckily, JCP and Sears are both hiring.
What can one say but a truly vibrant economy, and a consumer that has never been stronger.
As for M stock, it's up 6% after hours.
Not surprised; the Macys in our town is a mess. I can’t remember the last time I was in there. But then, who goes to malls anymore? Only teenagers, surely.
The bit at the end of the article about JCP and Sears was no doubt meant as sarcasm.
I live in a part of the US that’s supposed to be minimally affected by the bad economy but things are dismal here, too. I need a new job and I confess that I’m scared.
I love Macy’s and shop there all the time.
I wear higher end stuff than Macy’s carries. You can buy the brands that Macy’s carrys cheaper almost anywhere here.
“a robust omnichannel shopping experience “
I got a TV that picks that up.
You are correct. A few years ago I got a set of dishes online from Macy’s. They looked really nice in the pictures and were above average in cost without being super expensive so I had high hopes that they’d be good quality. When they arrived and were unpacked I quickly realized that they were cheap junk better suited for sale at Big Lots for about 1/4 the price. Haven’t shopped at Macy’s once since then, in-store or online.
But every week I would get their flyer in the mail. The joke around the house was, “My God! Macys is having a 1day sale on Saturday! Cancel your plans!”
Obama ought to help Maceys out: Require them to keep these stores open but (and this is most important) double all employees annual pay. Problem Solved
The once vital mall in our relatively small Florida county now features an indoor miniature golf in the former Sears anchor store, several resale shops, a movie theater and a handful of minor chain shops. Sears left about a year ago, Belk closed its doors this month, JC Penney’s bowed out this past year, K-Mart (now owned by Sears) is the only anchor left. The food court is pathetic and an indoor bi-monthly farmer’s market hopes to lure customers.
In other words, no shop ‘till you drop here. The best thing left in the mall is the mani/pedi salon with very reasonable prices.
Middle of the road is just fine with me. I don’t care about higher-end stuff.
That said, our local Macy’s is a graveyard. Stock is sparse, there’s no selection, and the upper floor is so bare it looks like they’re getting ready to close.
No “Miracle on 34th Street” for these unfortunate 2,500 souls.
JC Penney, Loehmans and now Macy’s.
Luckily, JCP and Sears are both hiring.
And by the time a person gets hired and trained at either they could shut down. Both Sears and JC Penney are skating on thin ice.
The ghettofication has been going on for a while already. How many malls have closed or are barely hanging on because they were given over to feral packs? Shoppers flee before they bleed.
“I suspect you’ll see Democrat programs to convert malls into Section 8 housing.” actually you are not far off. Here in Austin Texas the local community college is converting a run down mall into a college campus.
Losing 2500 jobs, stock up 6% Somehow this must be a good thing.
I wasn’t saying bad things about middle of the road. Was pointing out that here I can wear high end labels for usually less than what Macy’s charges for their middle of the road labels. Marshall’s, TJ Maxx, and Burlington here sells alot of the labels that Macy’s carries for alot less. I shop those places too for certain things but there is no reason to pay Macy’s prices here. Too many other places to shop.
only people who shop by “name” or “designer” shop at Macy’s. NO BRAINS
Macy’s doesn’t have any real ‘designers’. You can buy the stuff they sell anywhere here. Their high end is Coach.
My sister in law is a Macy’s addict and I am constantly telling her she wastes money.
I agree Macy’s is way overpriced for what they sell.
But what about SteinMart? We don’t have one here, but my sister-in-law sometimes shops at one elsewhere. What sort of stuff do they sell?
Burlington Coat Factory, Marshall’s, etc is the same as Steinmart more or less. Any of those kind of stores.
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