Macy's pleasantly surprised Wall Street last week by announcing plans to close 100 stores. At 12 percent of its total store base, that's more locations than it shuttered during all of the last six years.
It was a long time coming. Macy's has too many
stores, and it needed to close nearly all those locations just to bring
the chain's productivity levels back to where they were in 2006,
according to a report from real estate research firm Green Street
Advisors. The question is, will the praise hoisted upon Macy's for
taking its medicine provide enough incentive—or cover—for its
competitors to follow suit?. . . more