The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
CINCINNATI, United States — Macy's Inc., the largest US department-store company, plans to close as many as 40 stores early next year as it trims costs and works to improve e-commerce operations.
The stores set for closure represent about 1 percent of the company’s sales, Cincinnati-based Macy’s said Tuesday in a statement. The retailer said the exact locations will be announced later, after final decisions have been made.
Chief Executive Officer Terry Lundgren is experimenting with low-priced outlets and working to improve Macy’s online business as mall traffic dwindles and shoppers search for deals. The retailer also is under pressure from hedge fund Starboard Value to extract more value from its real estate holdings.
Macy’s rose 1.3 percent to $59.17 Macy’s Inc., the largest US department-store company, plans to close as many as 40 stores early next year as it trims costs and works to improve e-commerce operations.at the close in New York. The shares have fallen 10 percent this year.
By Lindsey Rupp; editors: Nick Turner, Kevin Orland, Rob Golum.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.