Macy’s (NYSE:M), owner of Bloomingdale’s and Bluemercury, is taking additional steps to become more nimble in the face of the challenging retail environment for brick-and-mortar stores. Macy’s is among many retailers facing rising competition from online behemoth Amazon (NYSE:AMZN) and Walmart (NYSE:WMT) which has ramped up its online business with niche acquisitions such as Moosejaw, Modcloth, Shoebuy.com and Jet.com.
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With that comes the closing of 11 Macy’s stores, 4 of which were previously disclosed. The retailer will now have shuttered 81 of the 100 planned store closures first announced in August 2016, according to a company statement. The cost savings from some of these closures will equal $300 million and will be reinvested in the business.
Shares of the retailer have lost 29% over the past 12 months. Compared to increases for Amazon and Walmart which have jumped 59% and 44%, respectively over the same time period.
Is your hometown Macy’s on the list? Read on....
1. Miami (Downtown), Miami, FL
2. The Oaks, Gainesville, FL
3. Stonestown Galleria, San Francisco, CA
4. Westside Pavilion, Los Angeles, CA
5. Additional Closings Early 2018
Novato (Furniture), Novato, CA
Honey Creek Mall, Terre Haute, IN
Birchwood Mall, Fort Gratiot Township, MI
Fountain Place, Cincinnati, OH
Burlington Town Center, Burlington, VT
Laguna Hills Mall, Laguna Hills, CA
Magic Valley Mall, Twin Falls, ID