Macy's to shutter historic downtown Miami store amid rash of closures
07 January, 2018, 01:45 | Author: Marjorie Miles
The Macy's store in downtown Miami is one of 11 stores closing this year, the company announced Thursday. The firm expects to see around $300 million in annual expense savings from the store closures, staff reductions and streamlining of non-store functions.
The new closures include a downtown store in Miami, Florida and a furniture store in Novato, California. Last year Macy's announced the closing of six stores in Pennsylvania.
At market open, Macy's shares reversed modest premarket gains, starting the day down 3.5 percent to $24.44.
"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", the company said in a statement. As detailed in a recent feature in Fortune, Macy's has been ramping up its line-up of gift products, trying to tame the volume of promotions it offers customers, and working on reducing store clutter to win its back into shoppers' good graces.
Macy's has also struck deals in the past with some of its landlords, including General Growth Properties, to sell locations and generate cash in a pinch.
"Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth", Macy's CEO Jeff Gennette said in a statement, according to USA Today. Promotions were also less severe, he said, which should be helping profit margins.
- CNBC's Courtney Reagan contributed to this reporting.
Cincinnati City Manager Harry Black said the decision to close the downtown store is understandable because shopping habits have changed from brick and mortar to online.
Clearance sales will begin on Monday and are expected to run for approximately eight to 12 weeks.
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