ibusinesslines.com
ibusinesslines.com September 23, 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.



Other News

Trending Now

Feeling lucky? Powerball increases to $460M; $418M Mega Millions jackpot
No one has hit the Powerball jackpot since October 25, when a player in Louisiana won a $191 million jackpot, the game said. If you bought a ticket for Tuesday night's $361 million Mega Millions lottery, you didn't win the big jackpot.

EPL: Wenger speaks on replacing Alexis Sanchez with Aubameyang
However, he was recently dropped for disciplinary reasons and has locked horns with club officials on multiple occasions over the past few years.

Fixer Upper's Joanna And Chip Gaines Announce Pregnancy With Hilarious Photo
Chip Gaines is really hamming it up on social media, following the announcement of Joanna's latest pregnancy. The new baby will have four big siblings: brothers Drake and Duke and sisters Ella and Emmie .

Port Authority: Wheels up at MacArthur, JFK, LaGuardia after storm
Sean McNally, spokesman for the American Trucking Associations, says his group is urging its members to stay safe and cautious. The airline was also willing to issue full refunds for flights on those dates.

National Football League ratings faced steeper declines in 2017
An NFL game was watched by an average of 17.9 million people in 2015, and viewership dropped 1.4 million, or 8 percent, in 2016. That said, the National Basketball Association has seen a 20 percent jump in viewership compared to the 2016-17 season.

Tillerson says he's 'never questioned' Trump's mental fitness
Secretary of State Rex Tillerson has once again denied reports that his exit from the Trump administration is imminent. The two have shared a rocky relationship, with Trump at times undercutting his secretary of state in public.

Goodfellas actor Paul Sorvino calls out Weinstein as file passed to prosecutors
Add Harvey Weinstein as an interest to stay up to date on the latest Harvey Weinstein news, video, and analysis from ABC News. Weinstein has denied the claims, insisting Jackson was "too powerful" himself for Weinstein to have influenced the casting.