Macy’s plans to shut nearly 30 stores after drop in Christmas sales.
According to The Washington Post, Macy’s –the Cincinnati-based department store chain– said it will shutter 28 namesake stores and one Bloomingdale’s store in the coming weeks after sales declined 0.6% between November and December, a drop greater than what analysts had predicted for the Christmas campaign, which drove the decision.
The closures will take place in several states in the United States, such as Florida, California, and Georgia.
Founded 162 years ago in New York, and once one of the nation’s preeminent retailers for decades, Macy’s has been facing changing consumer habits and mounting competition from Walmart, Amazon and Target that have reversed its fortunes in recent years. Same-store sales fell 3.5% in the third quarter of 2019, according to The Washington Post, while profits were down 97% from the same period a year earlier.
Per a story on newsweek.com, Macy’s officials have yet to confirm the total number of stores that will close, saying only that it will provide an update at its Investor Day on Feb. 5.