The store closings are part of Macy’s restructuring plans, which were announced in February 2020. The company said at the time that it would close 125 locations – around one-fifth of its store count – over the next five years.
Here’s the full list of Macy’s stores expected to close this year: 1 .
Which macy’s stores are closing in colorado?
Macy’s has been drastically cutting into its store count since at least 2016. In August of that year, it announced plans to close 100 stores. None of its 14 locations in Colorado — including stores in the Cherry Creek shopping center, Park Meadows mall, Flatiron Crossing mall and Orchard Town Center — made that list.
How many Macy’s stores will close Under Polaris?
Under the plan, Macy’s said it will invest more in its online store and mobile app, which officials said account for more than $6 billion per year in sales. Another 80 stores are slated to close in 2022 and 2023 under Polaris.
The company announced Tuesday that it plans to close 125 more stores over the next three years and layoff 2,000 corporate-level employees in efforts to stop the bleeding. So far, it’s unclear how the 14 Macy’s still operating in Colorado will fare when the final list of closures comes down.
You could be thinking “Which Macy’s stores are being eyed for redevelopment on the front range?”
At least two Macy’s stores along the Front Range are already being eyed for redevelopment. The Boulder location at 1900 29th St. functions as part of the open-air Twenty Ninth Street mall but is owned by Macy’s itself.
Macy’s is also testing a new smaller-store format that’s located at a strip center, instead of a mall. The store will feature a mixture of Macy’s merchandise and local goods as well as food and beverage options. It will open its first so-called Market by Macy’s in Dallas on Thursday.
It includes six full-line department stores, a Bloomingdale’s outlet store, and a Macy’s store that the company said already closed last year but was never announced publicly.
Macy’s currently operates 544 of its namesake department stores, along with 34 Bloomingdale’s locations, 19 Bloomingdale’s outlets and 166 Bluemercury shops, according to its website. Here’s the full list of Macy’s stores expected to close this year: 1.
What does Macy’s’ store closures mean for landlords?
The closures by Macy’s will add to the glut of retail real estate that has gone back on the market in recent years, pummeling landlords. In 2020, retail businesses from boutique apparel chains to department store operators announced more than 11,000 closures, according to tracking from the real estate firm Co, and star group.