Macy’s holiday same-store sales fall less than expected; to close 29 stores
Macy’s Inc. reported a holiday performance that was better than analysts were expecting amid online sales and last-minute demand for gift items.
The department store giant also confirmed to various media outlets that it plans to close 29 stores (28 namesake locations and one Bloomingdale's) across the country in the coming weeks. A list of the locations reported to be closing is at the end of this article.
Macy’s reported that its comparable sales fell 0.7% on an owned basis in the months of November and December. Sales were down 0.6% on an owned plus licensed basis. Analysts had forecast a 1.75% decline in same-store sales.
In November, Macy’s trimmed its sales and profit outlook for the fiscal year after reporting a same-store sales decline of 3.9% for the third quarter, which it blamed on warm weather and weak performance in lower-tier malls.
In a statement, Macy’s CEO Jeff Gennette noted that the company’s performance during the holiday season “reflected a strong trend improvement” from the third quarter.
“Our digital business and Growth150 stores performed well,” he said. “Additionally, customers responded to our gifting assortment and marketing strategy, particularly in the 10 days before Christmas.”
Macy’s released its holiday sales results a day after various media outlets reported that the chain would close 15 stores across the country in early 2020. The retailer will outline its growth plans and three-year strategy at an Investor Day at 8 a.m. ET on Wednesday, February 5, 2020, at the New York Stock Exchange.
Here is a list of the Macy's stores closing in 2020 as reported on newsweek.com.
- Westfield Meriden Mall, Meriden
- Pompano Citi Centre, Pompano Beach
- Seminole Towne Center, Sanford
- Indian River Mall, Vero Beach
- The Falls, Miami Bloomingdales
- The Gallery at South DeKalb, Decatur
- Macon Mall, Macon
- Lewiston Center Mall, Lewiston
- University Mall, Carbondale
- Spring Hill Mall, West Dundee
- Muncie Mall, Muncie
- Prairie Village Shopping Center, Prairie Village
- Towne Square Mall, Owensboro
- The Centre at Salisbury, Salisbury
- The Mall at Whitney Field, Leominster
- Northside Center, Helena
- Hanes Mall, Winston-Salem
- Northgate Mall, Greater Cincinnati
- Ohio Valley Mall, St. Clairsville
- Stow-Kent Plaza, Stow
- Harrisburg Mall, Harrisburg
- Nittany Mall, State College
- Rivergate Mall, Goodlettsville
- Cascade Mall, Burlington
- Downtown Seattle, Seattle
- Downtown Walla Walla, Walla Walla