The retail apocalypse was particularly bad in 2019, and only days into 2020, Macy’s has announced it’ll begin closing stores, following a trend in the industry. Macy’s will close a minimum of 28 stores, and one Bloomingdale’s as problems in retail continue.
With consumer spending so high, it’s hard to imagine a reason for store closures. “We regularly review our store portfolio and will provide an update at our Investor Day on February 5th,” the company said in a statement sent to USA TODAY.
Clearance sales will begin this month and run for eight to 12 weeks, Macy’s Media Relations Manager Julianne Bartosz said in an email to TCPalm.com, which is part of the USA TODAY Network, about the Macy’s in the Indian River Mall in Vero Beach, Florida. Most other locations to be shuttered have not yet been disclosed. Officials also steered clear of an exact number of closings, say there would be a “minimum of 28 stores” permanently closed.
The Retail Apocalypse Isn’t Over: More Store Closures Expected In 2020
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Among the government and Federal Reserve’s insistence that consumers are spending money, Macy’s reported a drop in holiday sales. Macy’s November and December sales results Wednesday, which showed holiday sales did not meet the expectations. “Macy’s, Inc.’s performance during the holiday season reflected a strong trend improvement from the third quarter,” CEO Jeff Gennette said in a news release. “Additionally, customers responded to our gifting assortment and marketing strategy, particularly in the 10 days before Christmas.”
In a statement sent to USA TODAY, Neil Saunders, the managing director of GlobalData Retail, said most of Macy’s legacy stores “looked shabby and lacked festive cheer. In our view, they remain unfit for purpose and there is a big question mark over their long-term future.” Saunders called the decision to shutter underperforming locations “a foretaste of things to come if Macy’s does not invest in and reinvigorate these outlets.”
Any WASP, masculinist, mental-adult, alive through the 80’s, has pleasant memories of it and can tell you went wrong, politically.
You or your automated feed or your posterchildren keep showing us the same puzzlement, over-and-over.
People do not want to pay 500% more for an item they can get online or somewhere else. What do they expect. The weeds are getting thinned out by reality. The rip off is ending!
Brick and mortar stores will continue to decline as internet sales grow. Specialty stores have a better chance. I own a small shop, and started to notice two years ago that sales were down slightly each year.
Thanks to Amazon all competition is going down the drain. Amazon is a monopoly………
The gluttons are the education, healthcare, tech, and banking sectors. All gains have gone to those sectors for consumers. Useless services and expensive crappy technology with insufficient security and engineered obsolescence, which is just a totally disgusting waste of natural resources and an assaault on the environment by those who feign to care. Naturally, the fake helthcare and fake education sectors demand more money. Shove your useless fraudulent services and technology up your fucking asses! Compound that !