More and more retailers are closing up locations.
Following the Old Navy and Big Lots closures in January, Macy's will also be paring down slightly. The department store chain isreported on Dec. 12., president of Prism Places, which currently owns the mall, confirmed to the newspaper that the Fort Collins Macy's will permanently close its doors in March 2023.
Macy's has been in the Foothills shopping mall for nearly 50 years and is the center's last remaining department store, according toParton said that Macy's is planning to close the store altogether, not relocate, and told the newspaper that the mall will undergo a redevelopment plan as a result. "That's the dichotomy of retail today," he said."A lot of these department stores propped up these projects [malls] for long time."These companies are undergoing mass closures.While these are just the announced store closures for the new year, all three companies are in the middle of nationwide shutdowns.a total of 125 of its department stores through 2023.
"As we adapt to the current market conditions and meet the increase in online demand, we are looking thoughtfully at our real estate to support the best path forward," Gap Inc. states on its website, adding that the closures are being made"with the goal of having a smaller and healthier fleet of stores.", executive vice president, CFO, and administrative officer for Big Lots, stated that the retailer has"an accelerated number of closures" planned.
"The closures this year will end up being somewhat higher than the openings," he said."Going forward, we would hope and expect to return to a normalized level of closures, but we'll certainly continue to look closely at underperforming stores."
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