Department Store

Macy’s Inc. on Thursday posted second quarter results that topped analysts’ expectations. But with a steep drop in profit and sales still on the decline, the department giant said it will close 100 stores. It also gave an update on its real estate strategy.   

Bayer Properties’ plan for drawing shoppers to its new $156 million mixed-use development in Lexington, Kentucky, could be one that catches on in other rural regions: Recruit retail tenants that are not new to the universe, but new to the state.   So when it opens next spring, the retail roster at The Summit at Fritz Farm will include Bonobos, Cos Bar, Shake Shack, J. McLaughlin, Brooks Brothers, and — just signed this week — Marine Layer.  

Wal-Mart Stores’ Mexican unit is shedding its apparel store chain.   Wal-Mart de Mexico SAB (Walmex) is selling its Suburbia chain to El Puerto de Liverpool SAB, one of the largest department store operators in Mexico, in a deal valued at 19 billion pesos ($1.03 billion), Bloomberg reported.  

Nordstrom Inc. on Thursday reported second quarter earnings that exceeded Wall Street estimates, and also lifted its full-year earnings outlook.   The upscale department store profit’s fell to $117 million, or $0.67 per share, from $211 million or $0.1.09 per share in the year-ago period. Analysts had expected earnings of $0.56 per share.   

Macy’s Inc. announced that it will close 100 full-line namesake stores as part of a wider effort to improve its business and succeed in an omnichannel environment. The move comes after six straight quarters of declining same-store sales.      The department store giant said it plans to concentrate its resources on the best-performing locations, and to invest in those stores by adding new vendor shops, increasing the size and quality of staff and new technology.  

Flying Tiger Copenhagen is expanding its footprint in the United States.   Known for its quirky, fun and ever-changing assortment of Danish-designed goods, the discounter is set to open on New York City's Upper West Side on Aug. 13. The 2,000-sq.-ft. store will be the brand's fourth location in the New York area.    

“I'm sad to see this news. Macy's is an iconic retailer with a long history of success, and one of many victims of Amazon success. In the same week that Jeff Bezos pockets roughly $800 million personal dollars, Macy's is forced to suffer a tremendous physical retail loss.  

Story, the innovative retail store in Manhattan that totally reinvents itself every few months, has gone nostalgic with its latest revamp.   Story’s new installation, “Remember When,” offers an immersive retro experience that celebrates Nickelodeon’s memorable characters and iconic shows — “Rugrats” and “Sponge Bob” to name just two — from the ‘90s, just in time for the 25th anniversary of Nickelodeon.