ibusinesslines.com December 12, 2018

Will new round of Macy's closures affect Staten Island Mall store?

06 January 2018, 03:45 | Melissa Porter

Will new round of Macy's closures affect Staten Island Mall store?

Will new round of Macy's closures affect Staten Island Mall store?

About this same time a year ago, Macy's posted disappointing holiday sales and simultaneously released the locations of more than 60 stores it planned to close in 2017. Beauty was also a highlight and showed a marked improvement in trend, with particular strength in fragrance, prestige skincare and cosmetic gifting, the company said.

The Cincinnati-based retailer confirmed Wednesday that the closure is part of a plan to close 100 stores that it announced in 2016.

Macy's is closing its store in downtown Cincinnati.

The company announced the closing of 11 Macy's stores, four of which were previously disclosed. Though construction of the mall's overall expansion has begun, Mall sources previously told the Advance that the Macy's store addition was never set in stone, but more likely "allowed" within the overall redesign plan for the Mall.

The restructuring will save the department store chain about $300 million a year, according to a press release. 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. It now expects that figure to decline between 2.4 percent and 2.7 percent for the year. CEO Jeff Gennette says the company's focus has been expanding online, stabilizing its stores and laying the foundation for growth.

"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. The two Florida stores are among 11 that will be shuttered in 2018. In most cases, clearance sales will begin on January 8 and run for up to 12 weeks.

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