Why Macy’s Store Closure Plans May Just Be The Tip Of The Iceberg
Macy’s remains a storied and immense American retailer. Founded in the 19th century (as many department stores were), the company operates 850 Macy’s and Bloomingdale’s stores in 45 states, the District of Columbia, Guam and Puerto Rico, reporting 2015 sales of just over $27 billion. Its elephantine, 115-year-old New York City flagship is still the world’s largest department store, and the brand also holds an enviable place in popular culture thanks to Hollywood — “Miracle on 34th Street” is still a popular holiday movie and “Christmas in Herald Square” a favorite song — and its annual Thanksgiving Day parade, which it’s held since 1924. But Macy’s isn’t the icon it once was. Sales are falling, and, after several store closings in recent years, the company shed another 41 in 2015, with yet 100 additional locations slated to shutter by early next year. Read more at Retail Dive.
