A location of a well-known department store is up for sale after the chain announced 150 closures across the country.
Once it’s gone, the state will only have three sites left.
two
The Macy’s site in Oak Court Mall in Memphis, Tennessee, is up for grabs.
Originally known as Goldsmith’s when it was built in 1961, the building went up for sale on Friday 14th June.
Macy’s has not yet announced a closing date for the Oak Court location.
However, it revealed plans earlier this year to close 150 stores all over the country.
The company said at the time that 50 of those locations would close by the end of 2024.
In Memphis, the News The fact that Macy’s was for sale was met with disappointment among shoppers.
“I’m really surprised,” said a local customer CBS affiliate WREG.
“I mean, it’s a busy store in East Memphis that serves the families here and I hate to lose it because it’s a staple and it’s been here forever, since the days of the goldsmiths.”
Another said: “I wish it wasn’t sold, because as well as shopping it’s close to my house.”
If the closure goes ahead, there will only be three Macy’s stores left in Tennessee.
There is another Wolfchase Galleria store in Memphis, one in Franklin and one in Nashville.
Macy’s said store closures are underperforming and only represent about 10% of its total sales.
Other department store chains like JCPenney and Sears are also closing stores.
This comes at a time when shopping centers, which are typically anchored by these stores, are experiencing a drop in foot traffic.
MACY’S CLOSURES
Macy’s revealed it has plans to close about 150 of its underperforming locations over the next three years as it leans on its other chains, Bloomingdale’s and Bluemercury.
The company said it was entering a “bold new chapter” with its new CEO, Tony Spring.
After the closures, Macy’s will reduce to 350 stores in the US, however, it will add 45 Bloomingdale’s and Bluemercury stores.
About 50 stores are expected to close by the end of this year, and by 2025, the company will close about 150 locations.
The company expects to raise between US$600 and US$750 million from the sale of the stores.
Two stores in California, one each in Hawaii, Florida and Virginia were some of the first to be thinned out.
“It’s not just about shrinking,” Spring said Wall Street Journal. “It’s about right-sizing the portfolio to make sure we’re giving people the opportunity to buy the way they want.”
STARTING SMALL
However, Macy’s hopes to revive its brand with the opening of new small-format stores.
The company last year announced plans to accelerate the opening of its small-format stores, with 30 new locations across the country to open from 2024.
Store director Marc Mastronardi said at the time: “This new smaller format is one of the ways we are working to meet the needs of our customers by innovating to introduce a new flexible, dynamic and efficient retail store format.”
Opening under the same banner as Macy’s, these locations will offer a scaled-back store experience away from shopping centers.
Another popular retailer is also experimenting with a smaller format.
And see what the CEO of Stop and Shop has to say amid store closures.
This story originally appeared on The-sun.com read the full story
