Macy鈥檚 closes 125 stores in fight to survive
Print Edition
Macy鈥檚 said on Tuesday it is closing 125 of its least productive stores and cutting 2,000 jobs as the struggling department store tries to reinvent itself in the age of online shopping.
The store closures represent about one fifth of Macy鈥檚 current total. They include about 30 that are in the process of closing and account for US$1.4 billion in annual sales.
Macy鈥檚 didn鈥檛 specify how many jobs would be lost at the shuttered stores.
The corporate jobs will be shed as Macy鈥檚 closes its offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters. Macy鈥檚 said that the 2,000 jobs to be lost account for about 9 percent of its workforce.
Macy鈥檚 employs about 130,000 people. It is also testing a new smaller-store format that鈥檚 located at a strip center, instead of a mall. The store will feature a mixture of Macy鈥檚 merchandise and local goods as well as food and beverages. It will open its first so-called Market by Macy鈥檚 in Dallas today. The company also plans to build four US$1 billion brands.
Macy鈥檚, like its peers Nordstrom and J.C. Penney, is dealing with stiffer competition and shoppers鈥 changing behavior. Department stores are seeing their customers head to off-price stores like T.J. Maxx for fat discounts on name brands. They鈥檙e also renting and buying second-hand goods online. Macy鈥檚 has pursued several strategies to win people back.
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