Thursday, August 11, 2016

Macy’s in big store closing move

Macy’s Inc. announced that it will close 100 full-line namesake stores as part of a wider effort to improve its business and succeed in an omnichannel environment. The move comes after six straight quarters of declining same-store sales. 
   
The department store giant said it plans to concentrate its resources on the best-performing locations, and to invest in those stores by adding new vendor shops, increasing the size and quality of staff and new technology.
 
The majority of the 100 stores will close in early 2017, with the balance closing as leases expire or are amended or waived. The total annual sales volume of the stores to be closed is expected to be roughly $1 billion.. . . more

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