Liquidation sales to start in January
The new year brings another round of Macy’s store closings.
News lead: The department store chain confirmed to Axios on Wednesday that it will close more stores in 2023 as part of its Polaris transformation strategy, which was first announced in 2020.
Four Macy’s locations in malls are slated to close, the company told Axios. A clearance sale will begin in January and last approximately eight to 12 weeks, Macy’s said. Macy’s told Axios that it was “committed to offering affected colleagues a role in nearby locations or severance packages.”
Flashback: Macy’s Inc., which includes Bloomingdale’s and Bluemercury, said in February 2020 it planned to close about 125 stores, a fifth of its locations, as part of a three-year plan.
Rounds of store closings were announced in 2020, 2021 and 2022. Officials said 2021 would delay some of the closings.
Context: As part of the Polaris strategy, Macy’s said it continues to “optimize and reposition” its store fleet to have a mix of mall and non-mall locations.
Neil Saunders, managing director of GlobalData, told Axios that most of the “heavy lifting in foreclosures has been completed over the past two years and most of the deadwood has been cut.” “What we’re seeing now is more opportunistic and soft pruning,” Saunders said of the new closing list. “That said, I fully expect there to be more closings this year and in the years to come as Macy’s still has many suboptimal stores that will probably underperform as the consumer economy tightens.”
Yes, but: Macy’s has opened new, smaller stores outside the mall and is opening four Market by Macy locations in 2022.
Bloomingdale’s announced it would open its third Bloomie’s store in Seattle this year, a smaller format store, following openings in Chicago and Virginia.
By the Numbers: As of October 2022, Macy’s Inc. there were 722 total stores, including 510 Macy’s, 54 Bloomingdale’s and 158 Bluemercury locations.
The Macy’s store is closing in 2023
The following stores are scheduled to close during Macy’s first quarter of 2023, which typically ends in late April or early May.
California Macy’s store closingLos Angeles: Baldwin Hills Crenshaw Plaza, 4005 Crenshaw Blvd.Colorado Macy’s store closingFort Collins: Foothills Mall, 215 E Foothills Parkway.Hawaii Macy’s store closing. : Lakeforest Mall, 701 Russell Ave.
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