{"id":1004150150,"date":"2016-08-17T00:40:31","date_gmt":"2016-08-17T08:40:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150150"},"modified":"2020-05-13T23:50:51","modified_gmt":"2020-05-14T07:50:51","slug":"macys-closing-100-stores-following-drop-in-sales","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/macys-closing-100-stores-following-drop-in-sales\/","title":{"rendered":"Macy\u2019s Closing 100 Stores Following Drop in Sales"},"content":{"rendered":"

By Ioana Neamt<\/p>\n

\"Jeff<\/a>

Jeff Gennette, Macy’s Inc.<\/p><\/div>\n

Cincinnati<\/strong>\u2014Macy\u2019s<\/a>, the largest department store operator in the country by retail sales, made headlines last week with the announcement that it plans to close 100 retail stores<\/a>\u2014roughly 15 percent of its properties\u2014in early 2017. The company said it plans to operate fewer brick-and-mortar stores and concentrate its financial resources on better-performing assets and a stronger online presence.<\/p>\n

According to Macy\u2019s, a number of stores will be closed as their real estate value is larger than their value to the company as a retail store. The locations of the 100 stores are set to be revealed at a later date.<\/p>\n

Following the closing, Macy\u2019s plans to invest in improvements at ongoing stores and digital platforms, in an effort to keep up with the changing needs of its customers. According to the company\u2019s quarterly earnings release, profits fell to $11 million last quarter, down from $217 million in the previous year. Macy\u2019s shares in the stock have also fallen more than 40 percent in the past 12 months, The New York Times<\/a><\/em> reports.<\/p>\n

Macy\u2019s is one of many companies struggling to keep up with competitors such as Amazon, which boasts a massive online presence, or discount chains like T.J. Maxx. According to The New York Times<\/em>, Walmart is planning to acquire Jet.com, a year-old startup and small online rival, for a whopping $3 billion\u2014the largest e-commerce acquisition ever in the U.S.\u2014in an effort to keep up with its competitors.<\/p>\n

With the rise of e-commerce and omnichannel retailing, there is immense pressure on retailers to provide fast, reliable services to customers. Companies such as Amazon and Sainsbury are introducing same-day delivery services to better serve the needs of shoppers who want to save time and money by shopping online. For other companies, such as Sports Authority, the pressure to keep up the pace with changing consumer behavior is too intense. The Englewood, Colo.-based retailer is closing all of its 463 stores amid bankruptcy, following in the footsteps of West Coast-based chain Sport Chalet.<\/p>\n

Traditional retailers are hurt by competition from the online realm, which is also one of the main factors behind Macy\u2019s new strategy. The company\u2019s online business has grown significantly over the past 15 years, and Macy\u2019s plans to capitalize on that. Though the disposition of 100 stores is likely to have a negative impact on sales short-term, the reduction \u201cwill result in a more appropriate store portfolio for Macy\u2019s in the longer term,\u201d according to Macy\u2019s President Jeff Gennette, who will succeed Terry Lundgren as CEO<\/a> in early 2017. \u201cWith this strategy, we will be able to reinvest in a more energized shopping experience in our remaining stores and elevate our total customer experience across all methods of shopping,\u201d he said in a statement.<\/p>\n

Macy\u2019s began rethinking its strategy at the beginning of the year, when it announced plans<\/a> to close down as many as 40 stores as part of its plan to invest in other growth strategies, including omnichannel capabilities at Macy\u2019s and Bloomingdale\u2019s.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company plans to invest in better-performing assets and omnichannel capabilities.<\/p>\n","protected":false},"author":192,"featured_media":1004146710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,21825,21783,13,23891,21742,21749],"tags":[],"class_list":["post-1004150150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cincinnati","category-finance","category-investment","category-midwest","category-national","category-latest","category-retail"],"acf":[],"yoast_head":"\nMacy\u2019s Closing 100 Stores Following Drop in Sales - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/macys-closing-100-stores-following-drop-in-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macy\u2019s Closing 100 Stores Following Drop in Sales\" \/>\n<meta property=\"og:description\" content=\"The company plans to invest in better-performing assets and omnichannel capabilities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/macys-closing-100-stores-following-drop-in-sales\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-17T08:40:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T07:50:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/06\/jeff_gennette_1035_1482-e1471975979208.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macys-closing-100-stores-following-drop-in-sales\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/macys-closing-100-stores-following-drop-in-sales\/\",\"name\":\"Macy\u2019s Closing 100 Stores Following Drop in Sales - 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