Expect more locations to close in the new year.
Despite losing some of its traditional format locations in recent years, Macy's is still pushing forward with the expansion of some of its newer concepts. In 2022, the company opened four new locations of its new off-mall, smaller-format Market by Macy's stores, bringing it to a total of eight locations. And the company also opened 42 more of its off-price Macy's Backstage locations, bringing the total to more than 300 nationwide.
Executives say these moves align with the company's financial earnings and intended strategy."We continue to see the importance of main locations within the best malls particularly as we build out our omnichannel ecosystem," Macy's chief financial officer."We expect to announce less than 10 store closures in January, consistent with our decision to delay the closure of our full-line store base that we communicated last year.
So far, Macy's has been able to coordinate a relatively soft restructuring by reducing its footprint."The heavy lifting in closures has been completed over the past couple of years, and much of the dead wood has been cut out,"But while he said the latest closures are"more an opportunistic and gentle pruning," there could be more trouble ahead.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is Hollywood Starting 2023 in a Recession?On IntoIt, entertainment journalist MattBelloni tells host samsanders that companies that spent years pouring money into content in order to win the streaming wars are finally looking at profitability
Read more »
Magnolia Selects January 2023 Schedule: New Film AdditionsMagnolia Selects has unveiled its full lineup of titles available to stream starting in January 2023.
Read more »
Wild weather driven by roiling Pacific, nature and warmingIn a world getting used to extreme weather, 2023 is starting out more bonkers than ever.
Read more »
Wild weather driven by roiling Pacific, nature and warmingIn a world getting used to extreme weather, 2023 is starting out more bonkers than ever
Read more »
Phase Zero: Episode 3x01: 2023 MCU Movie & TV Preview Show on Apple Podcasts2023 MCU preview episode of PhaseZeroCB just dropped. 5 Marvel movies & 5 Marvel shows with special guest AshCrossan, host of Marvel's Hall H panel at SDCC! Download & subscribe- Apple: Spotify: YouTube:
Read more »
Trillions: 23 ETFs for 2023 on Apple PodcastsOn this week's Trillions, we take a look at the 23 ETFs to watch in 2023. Here, psarofagis and scarletfu discuss $RSX, a Russia ETF that essentially froze after the invasion of Ukraine Listen on Apple podcasts:
Read more »