Macy's to shutter historic downtown Miami store amid rash of closures

07 January, 2018, 01:45 | Author: Marjorie Miles
  • Macy’s downtown Miami store

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.

The exact closing date is unclear at this time.

Business Insider first reported Wednesday that more closures were coming in 2018.

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.

More news: 'Jeopardy!' taping on hiatus as host Alex Trebek recovers from surgery

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.

Recommended:

  • Numbers have been drawn for Mega Millions jackpot of $450M

    Numbers have been drawn for Mega Millions jackpot of $450M

    The Powerball jackpot and Mega Millions jackpots are both over $400 million at the same time for the first time. If a MI player wins Saturday's $570 million jackpot, it would be the largest Powerball prize won in the state.
    Coach's Jerry Van Dyke Dead at 86

    Coach's Jerry Van Dyke Dead at 86

    He had three children with his first wife Carol - his daughters Jerri Lynn and Kelly Jean and son Ronald. In recent years, he was doing quietly marvelous stuff as talkative grandpa Tag Spence on The Middle .
    Nikki Haley addresses Iran protests, North Korea at United Nations

    Nikki Haley addresses Iran protests, North Korea at United Nations

    In the days ahead, we will be calling for an emergency session, both here in NY and at the Human Rights Council in Geneva. Iran's mission to the United Nations said the evidence was "fabricated" to serve a U.S. agenda.
  • Anushka makes Cape Town more lovely  for Kohli

    Anushka makes Cape Town more lovely for Kohli

    Apart from that she will also begin prep for "Sui Dhaaga" and start promoting her production movie "Pari". Anushka Sharma is making Cape Town "even more beautiful" for husband and cricket star Virat Kohli .
    First Blue Moon total eclipse in 150 years to occur this month

    First Blue Moon total eclipse in 150 years to occur this month

    Central and eastern Asia, Indonesia, New Zealand and most of Australia will get a fine view of this moon show in the evening sky. A supermoon is a moon that is full when it is also at or near its closest point in its orbit around Earth, according to NASA .
    Kim Kardashian Is Extremely Hurt By Caitlyn Jenner's Remarks About Her Family

    Kim Kardashian Is Extremely Hurt By Caitlyn Jenner's Remarks About Her Family

    She told Morgan the reasoning for this was that she "didn't want them to leak it to the press". Caitlyn answered: "No I didn't tell anybody.
  • Return or face action: TN govt to striking transport staff

    Return or face action: TN govt to striking transport staff

    The strike, following the failure of talks on wage revision and clearance of pending dues with Transport Minister M.R. A majority of the people continued to rely on trains, autorickshaws and private buses for their daily commute.

    Apple acquires Vancouver-based Buddybuild to simplify development of iPhone apps

    Moreover, integration of machine learning with Core ML in building apps is also attracting developers to the platform. Some Android developers vented their frustration on Twitter, especially in light of the relative short notice.
    At least 16 injured as fire devours building in Bronx

    At least 16 injured as fire devours building in Bronx

    Fire Department of New York (FDNY) firemen work at an apartment building in the Bronx, New York, U.S., January 2, 2018 . Despite the severity of the blaze, he assured the public that none of the injuries were life threatening.
  • Eleven bodies recovered from avalanche site in JK

    Eleven bodies recovered from avalanche site in JK

    A passenger vehicle was hit by a huge avalanche of snow at Khooni Nallah near Sadhna Top on the Kupwara-Tangdhar road on Friday. The Chief Minister expressed sympathies with the bereaved families and prayed for solace to the departed souls.
    HP Recalls Computer Batteries After Reports Of Overheating

    HP Recalls Computer Batteries After Reports Of Overheating

    Full details of the recall are available on the official website , along with a Windows utility to check the installed battery. Three of those customers also reported property damage totalling $4,500, and one reported a first degree burn on their hand.
    A Series of Unfortunate Events Season 2 Premiere Date Revealed

    A Series of Unfortunate Events Season 2 Premiere Date Revealed

    A new teaser reveals the first footage from the second season, as well as a look at Count Olaf's increasingly colorful costumes. The show is executive produced by Barry Sonnenfeld and Daniel Handler .


Popular

Flight Forced To Divert After A Passenger Smears Poop Over Bathrooms
They say the adult male smeared the excrement in a couple of bathrooms, and took off his shirt and tried to stuff it in a toilet. United Airlines spokesman Charlie Hobart says 245 passengers were aboard the flight, which is set to depart Anchorage on Friday.

Gaming accessories company Mad Catz is back, after closing last March
The S.T.R.I.K.E. 4 keyboard is aluminum with mechanical switches (the company has not said what it's using) and RGB backlighting. More details regarding these new peripherals will be unveiled by the company at CES 2018 , which runs from January 9 through 12.

Donald Glover's 'Atlanta' set to return in March with new title
The network kept referring to the television series as Atlanta Robbin' Season , not Atlanta . "We just tried to be ourselves". Says Stephen Glover , " Atlanta has a lot going on and part of that is upward mobility of the people who live there".

Giannis Antetokounmpo Would Pick LeBron James 1st as All-Star Captain
West game this year-instead, the two captains will pick from the entire pool of players voted in by fans, media and their peers. The captains will be the All-Star starter from each conference who receives the most fan votes in his conference.

Officials report 7 more flu deaths in NC; 20 for the season
The predominant strain picked up in lab tests so far is a strain of influenza A known as H3N2. In the previous season, 219 people died in North Carolina from the flu.

Laredo Health Department sees a rise in flu cases
The number of reported cases represent a small proportion of the true number of cases of influenza. There were also four deaths in the elderly category, along with three in ages 50 to 64.

Justice Department 'Looking Into' Hillary Clinton's Emails
Trump has also accused Clinton's top aide Huma Abedin of "disregarding basic security protocols" and recommended " jail! ". Both have previously denied the allegations of trading government policy decisions for donations.

Pregnant Khloe Kardashian shares wedding plans
I still exercise to maintain my sanity and also to feel good about myself, but my workouts are not as intense as they once were. It's actually all caught on Keeping Up which I'm excited about. 'I've known the crew since 2007.

German AfD MPs under fire for anti-Muslim New Year's Eve messages
Rainer Wendt, who heads the right-leaning DpolG union, said that establishing a safe zone sends a "devastating message". A requirement has now taken effect for "clearly criminal" posts to be deleted or blocked within 24 hours.

Orrin Hatch, Utah Republican Senator, to retire
Romney intends to make his intentions known in a matter of weeks, according to an adviser who spoke on the condition of anonymity. If Hatch had opted to stay in the Senate, he could have faced a formidable challenge from a crop of ambitious Utah Republicans.