Credit: WikiMedia
Macy’s, the Cincinnati based retailer, has recently revealed plans to shut down 100 stores amid slowing sales and increased competition online.
While the retailer has not released specifically what stores it will be closing, including whether the ones based at the Neshaminy or Oxford Valley malls could see doors shutting, business analytics firm 1010data has predicted a 9.1 percent loss of stores in the Philadelphia market.
With Macy’s employing 150,000 people and the closures expected to represent 15 percent of its store base, layoffs in the tens of thousands are expected, according to a recent article by Business Insider.
Macy’s, who also saw a 12 percent loss in Pittsburgh, is reportedly losing the most market share to competitors like Dillard’s, Nordstrom and Lord and Taylor.
“We believe that this reduction of 100 locations in the short term will result in a more appropriate store portfolio for Macy’s in the longer term and help us to accelerate our progress in building a vibrant omnichannel brand experience,” said Jeff Gennette, who will take over as CEO in the first quarter of 2017, in a recent company release.
Macy’s in the Oxford Valley Mall is one of three anchor stores along with Sears and J.C. Penny. The forth anchor store, a Boscov’s location, has been vacant since 2008. While the Middletown mall has seen the addition of an expanded H&M, Forever 21 and Victoria’s Secret, no new anchor stores have moved into the vacant Boscov’s.
Macy’s shares have jumped as much as 16% following the mid-August news.
