Sunday, 22 April, 2018

Macy's to close more stores

Macy’s downtown Miami store Macy’s downtown Miami store
Glenn Montgomery | 07 January, 2018, 01:49

The new closures include a downtown store in Miami, Florida and a furniture store in Novato, California.

JCPenney said its comparable store sales for the combined nine-week period ending December 30 increased 3.4 percent over the same period past year. Macy's did not set an exact closing date.

At market open, Macy's shares reversed modest premarket gains, starting the day down 3.5 percent to $24.44.

Macy's also announced it will close another 11 stores early this year (part of a previously announced plan to eliminate 100 stores), cut jobs and streamline non-store functions, generating $300 million it will pump back into its business.

"While closing a store is always a hard decision because of the impact on our customers, our associates and the community, Macy's is delighted to have served this community over the years", Monica Gubrud, Macy's Media Relations Manager said in a statement.

"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.

Ginsburg said DCI will work with the building's owners and the city to identify new uses for the prime piece of real estate next to Fountain Square.

Meantime, Macy's is testing smaller versions of its off-price concept, Macy's Backstage, inside some of its existing stores, which appeals to customers looking for more of a "treasure hunt" shopping experience.

But that won't keep the Cincinnati-based department store chain from reporting its 12th straight quarter of declining same-store sales. CEO Jeff Gennette says the company's focus has been expanding online, stabilizing its stores and laying the foundation for growth. Promotions were also less severe, he said, which should be helping profit margins. He said those conversations had already begun prior to Wednesday's announcement by the company.

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