Macy’s will be closing its stores at Colorado, Maryland, Hawaii and California, the retail chain confirmed last week, as part of a plan announced three years ago.
All four of the impacted stores are located in malls, a company representative told USA Today. Affected employees will be offered jobs at nearby locations or severance packages.
These closures are part of a plan announced in February 2020 when Macy’s confirmed it planned to close 125 of “its least productive stores” over three years.
Macy’s confirmed to USA Today and Axios that these four stores will close this year;
Los Angeles, California – Baldwin Hills Crenshaw Plaza on Crenshaw Boulevard
Fort Collins, Colorado – Foothills Mall on Foothills Parkway
Gaithersburg, Maryland – Lakeforest Mall on Russell Avenue
Kaneohe, Hawaii – Windward Center on Kamehameha Highway
These closures come on the heels of Macy’s opening multiple off-mall, small-format stores in 2022. The locations included Market by Macy’s, according to a July press release from the company, “a smaller store that offers customers more to love.”
Macy’s also helped Toys “R” Us make a comeback, opening locations in nearly every state last year.
Last week, Macy’s tempered its sales outlook for the fiscal fourth quarter after shoppers spent less than expected during the lull between Thanksgiving weekend and the final days before Christmas.
The New York-based department store chain, which also operates upscale Bloomingdale’s and Bluemercury stores, said Friday that sales for the November-to-January period will fall in the low end to the midpoint of its expected range of $8.16 billion to $8.4 billion. The company’s adjusted earnings per share for the period should meet the projected range of $1.47 to $1.67, Macy’s said.
“Based on current macro-economic indicators and our proprietary credit card data, we believe the consumer will continue to be pressured in 2023, particularly in the first half, and have planned inventory mix and depth of initial buys accordingly, ” said Macy’s CEO Jeff Gennette in a statement.
