Macy’s has announced plans to shut down dozens of its stores this year. This is as the American department store chain undertakes a divestment program that would see it sell off most of its malls that have been underperforming in recent years.
The closure, which became public knowledge on Tuesday, is part of the company’s plan to close down up to 125 stores within the next three years. Macy’s first made her plans known in February of last year, before the coronavirus pandemic forced the company to commence temporary store closures in March. The company said it would now invest in smaller malls and other big-time malls that are doing well across the United States.
The Chairman and CEO of Macy’s Inc., Jeff Gennette, had said in September that the company could adjust its timetable for permanent store closure if conditions occasioned by the pandemic improved.
Macy’s have already started liquidating some stores, and some other stores are slated to be liquidated sometime this month. Last year alone, the retail chain closed down some 30 stores in different locations, CNBC reports.
The recent move by Macy’s is expected to increase the number of real estate properties that are back in the market, which has adversely impacted property owners. According to research by the real estate firm CoStar Group, due to the coronavirus pandemic, which brought businesses down to their knees in 2020, many retail companies were forced to announce the closure of more than 11,000 stores.
Last year saw mall owners such as Simon Property Group and Macerich being forced to find new tenants for their properties. Many others were not able to withstand the pressure and took the bankruptcy route, including companies like CBL and Pennsylvania Real Estate Investment Trust, which filed for Chapter 11 bankruptcy protection in the last quarter of 2020.
A quick look at Macy’s website shows that the company currently has 544 department stores, 34 Bloomingdale locations, 19 Bloomingdale’s outlets, and 166 Bluemercury shops.
Here are some of the stores slated to close before the end of the company’s first-quarter:
1. Paradise Valley, AZ
2. El Cajon Parkway, CA
3. Hilltop, CA
4. Brass Mill Center, CT
5. Crystal Mall, CT
6. Port Charlotte Town Center, FL
7. Volusia Mall, FL
8. Greenbriar, GA
9. Hyatt Regency (Maui), HI
10. Grand Teton Mall, ID
11. Water Tower Place, IL
12. College Mall, IN
13. Marlow Heights, MD
14. Independence Center, MO
15. Northpark Mall, MO
16. West Park Mall (MO), MO
17. Sangertown Square, NY
18. White Plains Galleria, NY
19. Great Lakes Mall, OH
20. Richland Mall, OH
21. Tri-County Mall, OH
22. The Avenue Carriage Crossing, TN
23. Old Hickory Mall, TN
24. Golden Triangle, TX
25. Post Oak Mall, TX
26. Rivercenter, TX
27. Rolling Oaks, TX
28. Vista Ridge Mall, TX
29. Commons at Federal Way, WA
30. Northtown, WA
31. Monterey, CA (Furniture)
32. Winter Haven, FL
33. Cambridgeside, MA
34. Lima, OH
35. Lloyd Center, OR
36. Santa Monica, CA (Bloomingdale’s)
37. South Towne Center, UT
Closing Bloomingdale’s store
- Santa Monica, California
Some stores have already closed or will close in the coming weeks:
- Monterey Furniture, California
- Winter Haven, Florida
- Cambridgeside, Massachusetts
- Lima, Ohio (scheduled to close by the end of April)
- Lloyd Center, Oregon
Closed Macy’s stores
The following stores would only be utilized for pickup and fulfillment options.
- Southwest Plaza, Colorado
- Dover Mall, Delaware
- Park Place, Arizona
- Bloomingdale’s Medinah Temple, Illinois
- Oakbrook Furniture, Illinois
- Woodfield Furniture, Illinois
- Commack, New York
- Eastland Furniture Clearance, Ohio
- Harrisburg, Pennsylvania
Source: usatoday.com
