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.
Department store operator Macy’s Inc said on Tuesday it would close about 45 stores this year as part of its three-year plan to lower store count in order to focus on its more productive outlets.
Even before the lockdowns in the United States last year, Macy’s had announced the plan to close 125 of its least productive stores to tackle plummeting mall traffic. It had closed about 30 stores in 2020.
“Macy’s is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls,” Macy’s said in an emailed statement on Tuesday.
The COVID-19 outbreak has worsened the plight of certain mall-based chains, forcing them to shutter stores and double down on their online business, while few chains are looking to open smaller stores in off-mall locations.
Macy’s, which operates over 750 shops, including Bluemercury, Bloomingdale’s and its eponymous stores, said it would post a list of stores expected to be closed this year on its website on Wednesday.
By Praveen Paramasivam. Edited by Amy Caren Daniel.
Malls across the US have been ‘flash robbed’ by groups of about 20 to 30 suspects stealing retail merchandise.
BoF Careers provides essential sector insights for fashion professionals in retail this month, to help you decode fashion’s retail landscape.
The sportswear giant’s lifestyle and fashion division is set to release a new campaign and “visual identity” to emphasise the cultural cachet of its Samba, Gazelle and Superstar sneaker franchises.
European retailers have been unlikely stock market stars this year, but a long spell of high borrowing costs and inflation has started to bite, so wary investors will be looking for reassurances from the likes of H&M and Zara-owner Inditex when they issue business updates this week.