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Macy’s Inc. revealed restructuring plans Wednesday that will close over 60 stores in 2017 as the struggling giant retail department store looks to cut additional costs.

Of the 68, three closed mid-year, 63 will be closed in early spring 2017 and two will be closed in mid-2017. Three other locations were sold, or are to be sold, and are being leased back. (A list of planned store closings, as well as store openings, is listed at this link.) The company intends to opportunistically close approximately 30 additional stores over the next few years as leases or operating covenants expire or sale transactions are completed.

As a result of closing 63 Macy’s stores in early 2017, along with the three closed mid-year 2016, the company’s 2017 sales are expected to be negatively impacted by approximately $575 million. This reflects the company’s ability to retain sales at nearby stores and on macys.com through targeted marketing and merchandising efforts.

The Landmark Mall store, which we have pondered about before, is on the list to close by year-end.   (more…)

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Macy’s announces layoffs and store closings

As we told you in September, Macy’s announced that the department store chain will close 35 to 40 under-performing stores in 2016, or around 5% of its total locations.

Yesterday, Macy’s, Inc. announced a series of cost-efficiency and process improvement measures to be implemented beginning in early 2016 that will reduce SG&A expense by approximately $400 million while still investing in growth strategies, particularly in omnichannel capabilities at Macy’s and Bloomingdale’s. The actions represent progress toward the company’s previously stated goal of re-attaining over time an EBITDA rate as a percent of sales of 14 percent.

We had pondered, given the long-delayed transformation of Landmark Mall, would Macy’s Landmark Mall location in Alexandria, Virginia be on the list?

The answer to that is NO.

(more…)

Ariana Grande, Clinton Kelly, Heidi Klum, Ryan Seacrest, Jessica Simpson, Thalia Sodi and Martha Stewart help Macy’s get ready for one of the biggest shopping weekends of the season

Beginning today, Macy’s customers will get a sneak preview of what happens behind the scenes in preparation for one of the biggest shopping events of the season in the retailer’s new Black Friday commercial. The TV spot’s star-filled storyline features Ariana Grande, Clinton Kelly, Heidi Klum, Ryan Seacrest, Jessica Simpson, Thalia Sodi and Martha Stewart helping prep for the big weekend. Previewing today on youtube.com/macys and scheduled to break on television on Sunday, Nov. 22, the commercial reminds customers to shop Macy’s starting at 6 p.m. on Thanksgiving for the best deals, plus a chance to instantly win $1 million in Macy’s gift codes and branded prizes.

“Who better than an ensemble of Macy’s stars to bring a new level of fun and excitement to this year’s Black Friday commercial,” said Martine Reardon, Macy’s chief marketing officer. “From Clinton Kelly helping an elf dress her best and Jessica Simpson slashing prices to Thalia Sodi leading a dance in her department and Ryan Seacrest hosting it all, fans will see their favorite celebrities getting Macy’s ready to offer the best deals on the most desirable gifts this holiday season. Only Macy’s can give America a Parade on Thanksgiving and the biggest sale of the year on Black Friday.”  (more…)

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Macy’s announced Tuesday that the department store chain will close 35 to 40 under-performing stores, or around 5% of its total locations. The closures will happen in early 2016 as the company works to optimize its omnichannel approach to customers across America.

Given the long-delayed transformation of Landmark Mall, will Macy’s Landmark Mall location in Alexandria, Virginia be on the list?

(more…)

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