The county lists Macy’s Department Store as the owner of the two-floor retail property.
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Nordstrom crushed earnings on Thursday, capping off a strong day for the retail industry.
In closing 15 percent of its 728 locations in the USA, analysts said Macy’s appears to be acknowledging the reality of the rapidly shifting shopping habits of consumers in a digital age. Locations will be announced at a later date.
Macy’s isn’t the only store at the mall having a hard time surviving against online retail sales, Manning said.
Macy’s, under pressure from activist investor Starboard Value LP, is working on partnerships to monetize its huge real estate portfolio, which includes landmark properties such as its Herald Square and Union Square stores in NY. “The announcements we are making today represent an advancement in our thinking on the role of the stores, the quality of the shopping experience we will deliver, and how and where we reinvest in our business for growth”, said Macy’s President Jeff Gennette, who is slated to succeed Terry J. Lundgren as CEO next year.
The last Michigan Macy’s to close was the location in Northland Center.
“We made a decision to close a larger number of stores proactively so we can invest in a winning customer experience in our most productive and highest-potential locations”, he said in a statement. Later that year, 40 more stores shut down nationwide.
Reports have it’s that, Macy’s decision of closing some stores was bound to happen because, many of Macy’s stores are located in small regional malls and retailers turned to off- priced retailers, awful unseasonable weather, and again bad economy resulting in global tourist low patronage and spending.
A spokesperson for the retailer, Elina Kazan, says “Unfortunately, we can not confirm any stores at this time as the affected stores are still being determined by the company, and will be finalized and announced by the end of the fiscal year”.
Shutting down less-profitable stores will let Macy’s focus on improving its top stores and growing online sales, she said. “As a result, there are not only too many department stores, but the footprint for existing department stores are too large”. This follows a series of major store closures in recent months.
Macy’s operates 728 stores, including 675 of its traditional full-price locations. It also opened six discount Backstage stores and bought upscale beauty-shop chain Bluemercury in 2015.
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“We believe the setup for a comeback at Macy’s is in the early innings of materializing with (the second quarter’s) better-than-feared report, plans to rationalize the store fleet and easier comparisons ahead”, Cowen and Co.
analyst Oliver Chen said.
