Macy’s, which announced the closing of 36 stores in 2015, announced today that it will be closing an additional 100 stores in early 2017. The Macy’s at the Plymouth Meeting Mall survived the cut last time, but the Ardmore store was closed. From the press release:
Macy’s is re-creating its physical store footprint to capitalize on Macy’s unique competitive advantage of operating in the most attractive retailing locations in America. While still maintaining a significant bricks-and-mortar presence in 49 of the top 50 U.S. markets, Macy’s will operate fewer stores and concentrate its financial resources and talent on our better-performing locations to elevate their status as preferred shopping destinations. Stores will remain critical customer touchpoints for Macy’s, along with online shopping and mobile apps, as omnichannel retailing continues to evolve.
As part of this strategy, the company intends to close approximately 100 Macy’s full-line stores (out of a current portfolio of 728 Macy’s stores, including 675 full-line locations). Most of these stores will close early in 2017, with the balance closing as leases and certain operating covenants expire or are amended or waived. In a number of cases, stores will be closed as the value of the real estate exceeds their value to Macy’s as a retail store. The locations of the 100 stores to be closed will be announced at a later date, once the company makes final decisions. The company will act to remain connected to customers of the stores it will be closing by supplementing merchandise assortments in surrounding locations, as well as through the company’s online site and mobile app.
We will have to wait to see if the Macy’s at the Plymouth Meeting Mall will survive this additional round of closings. The Legoland Discovery Center is slated to open in spring of 2017. It will be interesting to see its effects on the foot traffic within the mall.