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Macy's Shutting 100 Stores as 2Q Sales Lag

Aug 15, 2016 9:41 AM   By Rapaport News
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RAPAPORT... Macy’s will close nearly 14 percent of all its stores as the U.S. retailer focuses on its better-performing outlets and strengthens its digital business.

The company will shutter most of the stores in early 2017, the department-store chain said without giving locational details of its downsizing. The 100 stores – out of 728 nationwide – account for $1 billion in annual sales.

The profitability of most of the stores in question has declined in recent years and the return on investment is no longer adequate, said Macy’s president Jeff Gennette, who will succeed Terry Lundgren as the company’s chief executive officer in the first quarter.

“We decided to close a larger number of stores proactively so we can invest in a winning customer experience in our most productive and highest-potential locations, as well as invest in growth sooner and more aggressively in digital and mobile,” Gennette added.

Macy’s sales slipped 3.9 percent to $5.87 billion in the second fiscal quarter ending July 30, while profit plunged 95 percent to $11 million. The company maintained its guidance of a 3 percent to 4 percent decline in comparable sales in the full fiscal year ending January.
Tags: department stores, digital, jeff gennette, Macy’s, Rapaport News, retail
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