Will Kennewick Macy’s Close After Holidays? Chain Trimming 100 Stores in 2017
According to the retail Ohio-based giant, Macy's plans to close at least 100 stores it says are under-performing after the holidays, beginning in early 2017. Will it include Kennewick's Columbia Center anchor?
The closure is nothing new, of it's 728 retail locations, Macy's said they will close 100, although 13 new stores opened in the last 5 years. But they have closed smaller amounts of stores over the last few years. But this would represent it's largest shuttering so far.
According to a release from Macy's by way of BusinessWire.com, the locations will be announced in the future. From the official Macy's release, August 11th:
"...the company intends to close approximately 100 Macy’s full-line stores (out of a current portfolio of 728 Macy’s stores, including 675 full-line locations). Most of these stores will close early in 2017, with the balance closing as leases and certain operating covenants expire or are amended or waived. In a number of cases, stores will be closed as the value of the real estate exceeds their value to Macy’s as a retail store. The locations of the 100 stores to be closed will be announced at a later date, once the company makes final decisions."
Although recent revenue performance has gone up somewhat, and exceeded analyst's expectations, the chain has been battling some losses for at least a year. Macy's, say experts, is the latest American retail giant to begin to fall victim to the same issue that's already hit Sears, JC Penney and others: The demise of the American shopping mall.
Amazon has put a large dent in traditional retail shopping, while brick and mortar stores such as Nordstrom and H&M and lower priced stores like TJ Maxx and Ross are actually growing and booming, perceived as having more exciting, and lower priced fashion brands. Of the over 20 major department store chains that used to anchor shopping malls 15 years ago, only 8 are still in existence.
Macy's officials say no information about which stores will be closing will be released until after the holidays.