Business

Macy’s to close some locations in 2023: Here’s where

(NEXSTAR) – Macy’s will close several of its stores in 2023, the retail chain confirmed last week, as part of a plan announced three years ago.

All four affected stores are located in shopping centers, a company representative told USA Today. Affected employees will be offered jobs at nearby locations or severance pay.

The closings are part of a plan announced in February 2020 when Macy’s confirmed it planned to close 125 of “its least productive stores” over three years.

Macy’s confirmed to USA Today and Akios that these four stores will close this year:

  • Los Angeles, CA – Baldwin Hills Crenshaw Plaza on Crenshaw Blvd
  • Fort Collins, Colorado – Foothills Mall on Foothills Parkway
  • Gaithersburg, Maryland – Lakeforest Mall on Russell Avenue
  • Kaneohe, Hawaii – Kamehameha Highway Wind Center

Store closings were also in 2020, 2021 and 2022. It’s unclear if Macy’s plans to close any more stores in 2023. A Macy’s representative did not immediately respond to Nextar’s request for comment.

The closings come after Macy’s opened more small-format stores outside the mall in 2022. The locations included Market by Macy’s, a “smaller store that offers customers more love,” according to the company’s July press release.

Macy’s also helped Toys “R” Us make a comeback, opening locations in nearly every state last year.

Last week, Macy’s lowered its sales outlook for the fiscal fourth quarter after shoppers spent less than expected during the lull between the Thanksgiving weekend and the final days before Christmas.

The New York-based department store chain, which also operates luxury stores Bloomingdale’s and Bloomercury, said on Friday that sales for the November-January period would fall to the lows to the middle of an expected range of $8.16 billion to $8.4 billion. The company’s adjusted earnings per share for the period should be in the range of $1.47 to $1.67, Macy said.

“Based on current macroeconomic indicators and our proprietary credit card data, we believe consumers will continue to be under pressure in 2023, particularly in the first half, and will plan inventory mix and depth of initial purchases accordingly,” he said Macy’s CEO Jeff Gennette said in a statement.

The Associated Press contributed to this report.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button