Credit Suisse Investment Banking is predicting this - it'll be horrible for everyone. I am so sorry we have to put up with this. I am in LA (Westwood)...
“The industry isn’t closing stores fast enough,” said the report, which praises Macy’s for trying new strategies but adds they’ve only produced “modest results” so far.
https://www.wcpo.com/news/insider/analyst-macys-inc-might-have-to-close-100-more-stores
Is the Willow Grove location in Pa going to close?
That's a great question. One maybe Jeff can answer. I wonder how many more are out there like this.
@Sbwoa25-2kdh, then why no company announcement about Loc 374 Redmond WA closing? Nothing on Macy's site. No press release. Nothing on Google.
Last post. You are incorrect. Our store was informed we are closing in 2019, by our Regional VP of stores. Redmond WA. Y374, closing 2019.
For those that are expecting "truth and transparency" I recommend you seriously reduce your expectations. 2 years ago I had up close and personal experience with this senior group.
Many companies over the years in different industries have experienced bad business trends and have been forced to have massive cutbacks- very unfortunate but it happens. The two observations I have with Macy's is 1: that is senior management could have actually listened to underlings as long as 8 years ago as to opportunities, obstacles, trends and competition instead of punishing those folks while talking about how magnificent their management team was and 2, and most disturbing, the senior team actually has delighted in the painful firing and destruction of loyal employees long before it became necessary for business reasons. Most of us can't even conceive of reveling in this but many of us saw this in action for years and could only imagine they love the power. This is not a group that will ever be truthful or transparent. And while I have never worked with them personally I would guess that the 8 or so new baziliionaires that have been hired (most with NO dept store experience) in the last few years are also Masters of Schadenfreude. For all you really smart, hardworking and good people still at Macy's expect nothing and watch your back; they are also very good at having good folks turn on each other. Also remember that "Human Resources" is really "Soylent Green". Postscript: There is life after Macy's. I now make more $ with a wonderful team of folks.
Now this would only be the case if your physical footprint was too large to begin with and the company was not doing that well financially. Oh Wait!!
August 2016, company announced about 100 stores to close. About 72 have been announced, the biggest group was closed in March 2017. More are closing this week. There's probably at least 30 more properties to be closed from this initial announcement 18 month ago. Then the company is still getting right sized and investing money in the remaining properties to be profitable, not just in Growth 50 stores. Who knows? Just have to wait and see. And for all of you talking about specific stores in NH, CT, and WA, no new announcements have been made by the company beyond what was announced for this month back in January. All store closures are announced as a Press Release on Employee Connection, and no stores have been announced as being set to close since 1/4/18. Nothing is official until you see a press release about it.
which CT stores?
Two of the 4 NH stores will close. Auburn, MA will close. Several CT stores are done, too.
Any in michigan
Northgate Mall Seattle Washington
You will never be told beforehand. If they did, everyone would leave and nobody would be left to run the store. Unfortunately thats the way it is in any business with a tough decision to close, only the top know what is happeing. If they do tell you its a few months beforehand if its a big company , a small company will just say sorry we are closing tom. Common sense......but not a nice thing when it happens.
Monmouth Mall
Asking for truth and transparency from Jeff. Let us know what stores will be closed in 2019 before 4Q. Some associates may find other employment, hence saving money in severance packages. You can hire temp workers. Please reconsider your approach to announcing this. One area found out this week from a Mall (Simon), that submitted plans in the paper of the "new" modern remodel of the mall, which entails demo of the existing mall. Building condos and small shop below. Macy's not on plan. What a way to find out! Please, upper management, preferability Jeff, please change your approach to downsizing. If it must be done do it with compassion. Remember, you stated last week, Macy's families, treat us like one.
Yes, this I'd true. They are plotting more closures as we speak.