Note: This list will be updated as more store closures are announced.
Macy’s also confirmed several store closures toward the end of 2020. It announced that stores in Lima, Ohio and Portland, Oregon would close in early 2021. Meanwhile, it quietly closed stores in Cambridge, Massachusetts and Winter Haven, Florida right after Christmas .
CALIFORNIA — Macy’s plans to close three dozen stores nationwide in 2021, including two in California, according to multiple reports. The California stores slated for closure are at Hilltop Mall in Richmond and Parkway Plaza in El Cajon, according to USA Today.
Is Macy’s closing stores?
Macy’s joins a growing list of department store chains that are closing stores nationwide .
The entrance to a Macy’s department store. Macy’s has notified the employees at about 45 of its department stores that they will close by the middle of this year, CNBC has learned. The closures are part of a previously announced plan by Macy’s to shut 125 locations by 2023 , which the retailer outlined last February.
Is Macy’s going out of business in 2021?
As of right now, Macy’s has only released a list of store closings for the first quarter of 2021 . All of the stores listed below are set to close by April 30, with the exception of the Macy’s at South Towne Center in Utah, which will close mid-year.
Yet another query we ran across in our research was “Why is Macy’s closing so many stores?”.
Macy’s is closing dozens of department stores this year, in a bid to move out of underperforming malls and trim a real estate empire that isn’t as valued as it once was. The closures, first reported by CNBC on Tuesday, are part of a previously announced plan by Macy’s to shut 125 locations by 2023, which the retailer outlined last February.
A common question we ran across in our research was “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 .
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.