Posted on 02/27/2024 8:45:57 AM PST by ChicagoConservative27
Macy’s announced Tuesday it will be closing 150 “underproductive locations” over the next three years as sales dip and the company looks to expand its higher-end luxury brands.
The department store chain saw nearly a 2 percent drop in sales during the fourth quarter of last year when compared to its fourth quarter of 2022. In 2023 as a whole, its net sales dropped 5.5 percent and its digital sales dropped 7 percent
Macy’s new CEO, Tony Spring, who stepped into the role this month, expressed optimism in a statement accompanying the sales report, which was released Tuesday alongside the announcement of the impending closures.
(Excerpt) Read more at thehill.com ...
350 stores is more than enough to cover cities and top markets.
One hundred and fifty?! Wow!
“underproductive locations”
Please allow me to translate:
We have to say underproductive locations because if we tell the truth about theft the virtue signaling SJWs will accuse us of racism.
It’s been decades since I’ve been in a Macy’s.
150... out of 500. 30%.
that’s quite a bit.
Nailed it.
Most of the Macy’s in my city are becoming discount outlets for the brand.
Personally, for one to understand the whys and wherefores about Macy’s closing some stores but not others, one would have to be able to graphically overlay local democraphics with the store locations.
That is over 3 years. 50 this year
When I was a kid, we rode our bikes over and watched them burn the hangars at Roosevelt Field to make room for the second Macy*s (Herald Square being the first).
Nobody don’t got time for 350 Macy*s, or 35 for that matter.
And every grocery store or other business that wants outta the ‘hood should site the same reason.
I hope the one in my town isn’t one of them. I love that mall because it’s 2 minutes from me and it’s a great place to walk in bad weather. Our mall,a rather upscale one,is already about one third empty.
They already closed the one in the mall about a half-hour away from me, several years ago.
We had a Goldsmith’s in the mall in my town since the 1970s. It became a Macy’s in 2005 and closed down in 2021, but since 2010 it had little traffic. It seemed like every time I went in there, I was one of a handful of customers in the entire store.
Too much thievery goin’ on.
Gosh....the window mannequins look so much different, today, than they did a decade ago.
The fall of every single retail company can be traced back to when it first went “woke”.
Remember when J.C. Penney’s catered to the Sunday School teacher/church going/office worker crowd? It was a store in which mom could buy new jeans for all the children, a suit for hubby, and both a office outfit and a funeral dress for herself all in one shopping trip. Then suddenly Penney’s stocked clothing for gay men and college students, two groups that never stepped into their store. So, they stopped catering to their customers that had supported them for years in favor of groups that never had nor never will shop there. The stores quickly started closing and soon the company was bankrupt.
Macy’s has taken the same path. Previously it supported middle-class consumers, then suddenly it started supporting young teens and the “trendy” crowd. Then it started taking political stances. Plus, no more personal service, a stock of low quality goods, and insults to their loyal shoppers. My nearby Macy’s closed several years ago. For years that was the only place that I had an in-store credit and I shopped there almost exclusively for office attire. The service and merchandise quality had been getting worse and worse prior to its closing.
It’s no wonder these stores are closing.
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