Sunday, 21 January, 2018

Macy's closing its downtown Cincinnati store

Macy's to shutter historic downtown Miami store amid rash of closures Macy's to close more stores
Jay Anderson | 07 January, 2018, 01:47

A company spokeswoman said in an e-mail to WVXU, "this closing does not impact Macy's commitment to Cincinnati".

The company plans to close 11 stores early this year, including one in Gainesville and four in California. Major components of these restructuring activities include: staffing adjustments across the stores organization with reductions in some stores and increases in others; further streamlining in some non-store functions; and the closure of the 11 stores.

The company notified the 54 Downtown Cincinnati store associates about the closure Wednesday.

Little by little, Macy's is beginning to close some of the roughly 30 stores it previously announced were on the chopping block.

Business Insider first reported Wednesday that more closures were coming in 2018.

Yet despite the numbers, Macy's stock fell sharply in the morning after rising initially, slipping 7%. "While closing a store is always a hard decision because of the impact on our customers, our associates and the community, we deeply appreciate the loyalty of our customers and associates".




Ginsburg said DCI will work with the building's owners and the city to identify new uses for the prime piece of real estate next to Fountain Square. As detailed in a recent feature in Fortune, Macy's has been ramping up its line-up of gift products, trying to tame the volume of promotions it offers customers, and working on reducing store clutter to win its back into shoppers' good graces. The department store chain, like its peers, has been forced to revise its massive floor plans, as fewer shoppers venture to America's malls to ring up purchases.

The Miami store was originally the flagship store of the home-grown Burdine's department stores.

Macy's has also struck deals in the past with some of its landlords, including General Growth Properties, to sell locations and generate cash in a pinch.

It's not quite a Miracle on 34th Street, but Macy's (m) reported much better-than-expected holiday season sales, putting it on track to break a three-year losing streak this quarter.

Macy's CEO Jeff Gennette credited the retailer's new loyalty program, its online sales and the popularity of exclusive gift items for the improvements. Top-selling items included coats, boots, sweaters and fragrances.

- CNBC's Courtney Reagan contributed to this reporting.

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