Sunday, 23 September, 2018

Macy's closing furniture stores in the Bay Area

Macy's is about to close more stores Macy's closing furniture stores in the Bay Area
Johnnie Parks | 06 January, 2018, 15:43

Macy's will shutter its downtown Miami store this quarter as part of a new wave of closures nationwide, the retailer announced Thursday.

In another sign of the times that some brick and mortar stores have trouble competing in this digital age, Macy's has announced that they will close their downtown Miami store.

A healthy economy and strong consumer spending gave a boost to Macy's Inc. and J.C. Penney Co., which reported sales growth for the critical holiday months. List among the closures is a second Florida location, the Macy's store in the Oaks Mall in Gainesville.

"We saw improved sales trends in our stores and continued to see double-digit growth on our digital platforms", said Jeff Gennette, Macy's CEO. Another 19 stores will be closed as leases or operating covenants expires, or as sale transactions are completed.

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The store at 22 E. Flagler Street will be closing in early 2018, though an exact date wasn't released. According to a report by USA Today, Macy's will eliminate a net total of about 5,000 job positions, including the closures and reductions at remaining locations. So far, 11 stores have been identified for closure, and four of those stores' teams have been notified, the company told CNBC Wednesday afternoon.

The company expects annual expense savings of $300 million from its actions beginning in fiscal-year 2018, which it intends to reinvest in the business.

"We're getting better and better at this because, as we've closed more stores, we've learned a lot about how to retain sales in other stores", CFO Karen Hoguet said on a call with analysts and investors, discussing the closures of 2017. In most cases, clearance sales will begin on January 8 and run for up to 12 weeks.

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