Despite stating that its 2017 holiday sales were solid, including a 1.1% increase in sales, it’s still far from good enough to stop the financial bleeding that has plagued department store giant Macy’s for the last several years.
You don’t have to do much research to know that consumers shopping habits have drastically changed throughout the years, with many preferring the convenience and comfort of online shopping to that of the traditional department store, thus resulting in the closures and decreased sales of some of the top retailers. In a new report from USA Today, Macy’s continues to have a difficult time in the online shopping era and has just announced that a whopping 5,000 jobs will be cut along with shuttering the doors of another 7 stores throughout the country.
Via USA Today:
Macy’s is planning 5,000 job cuts, including closure of seven previously unidentified stores and other cuts at remaining locations, as it seeks stability in a tumultuous climate for physical retail. Macy’s will shutter seven new locations it had previously not identified for closure, including: Miami (Downtown), Miami, Fla., The Oaks, Gainesville, Fla., Novato (Furniture), Novato, Calif., Honey Creek Mall, Terre Haute, Ind., Birchwood Mall, Fort Gratiot Township, Mich., Fountain Place, Cincinnati, Ohio and Burlington Town Center, Burlington, Vt.
The retailer also said Thursday that it is moving ahead with four other store closures previously announced in: Laguna Hills Mall, Laguna Hills, Calif., Westside Pavilion, Los Angeles, Calif., Stonestown Galleria, San Francisco, Calif. and Magic Valley Mall, Twin Falls, Idaho
The moves are part of a plan announced in August 2016 to close 100 stores. Altogether, the company has now revealed 81 of the 100 locations. Net job cuts, including the closures and reductions at remaining locations, will total about 5,000, Macy’s spokesman Blair Rosenberg said in an email. Liquidation sales are likely to begin Jan. 8 and continue for eight to 12 weeks.
Macy’s CEO Jeff Gennette has a positive outlook on what the cuts and closures will do for the future of the popular retailer, stating “Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth.”
As you may recall, many of the top department stores are not only struggling to keep up with the booming e-commerce market, but also from low-price retailers such as Marshall’s and T.J. Maxx. Macy’s has continued to struggle with its massive real estate footprint and traditional retail model, but hopefully they can manage to turn things around.
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