Global Retail Alliance
info@gra.world
  • Login
  • Register
  • Newsletter
  • Virtual Library
  • Choose your country
    • Australia
    • Brazil
    • China
    • Poland
    • Latin America
    • Middle East
GRAGRA
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact

Retail News

  • Home
  • Retail News
  • Macy’s will close 100 stores and its shares are jumping

Macy’s will close 100 stores and its shares are jumping

  • Categories Retail News
  • Date August 11, 2016
  • Comments 0 comment

Macy’s announced that it will close approximately 100 stores.

It’s part of the company’s attempt to improve business, following six consecutive quarters of declining sales.

In the most recent quarter, comparable sales (on an owned and licensed basis) were down 2%.

Macy’s has been struggling in an economy that’s defined by experiences. But the brand has been trying to revive itself. In Ohio, the company has set up a prototype of a more upscale store.

“We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage as a preferred shopping destination for fashion, quality, value and convenience. This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites and apps,” Terry Lundgren, Macy’s chairman and CEO, said in a release.

The company currently has 728 stores, 675 of which are full-line stores.

“We believe that this reduction of 100 locations in the short term will result in a more appropriate store portfolio for Macy’s in the longer term and help us to accelerate our progress in building a vibrant omnichannel brand experience,” Jeff Gennette, who will take over as CEO in the first quarter of 2017, said in the release.

Macy’s shares jumped as much as 16% following the news.

  • Share:
gsiino

Previous post

Walgreens installs kiosks for safe drug disposal
August 11, 2016

Next post

CVS to accept mobile payments through flagship app
August 12, 2016

You may also like

Private-LAbels-fashion-luxury
Private labels: the future of luxury department stores?
6 March, 2023
EUROSHOP_2023_WEB-1200×857
Euroshop 2023! Top 75 Specialists & Key Highlights
4 March, 2023
Euroshop-Award
EuroShop RetailDesign Award 2023: Jury of experts honours the best store concepts
27 February, 2023

Leave A Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search News:

News category:

News Archive:

Last News:

Celine Shop-In-Shop Opening – Paris
15Mar2023
Private labels: the future of luxury department stores?
06Mar2023
Euroshop 2023! Top 75 Specialists & Key Highlights
04Mar2023
TOTEME Shop-in-shop in Seoul
03Mar2023
Y-3 opens its first ever store Down Under
03Mar2023

© 2022 Global Retail Alliance | info@gra.world | Privacy Policy