Macy's Announces Store Openings and Closings
CINCINNATI-Macy's, Inc. has announced a series of store openings and closings, part of what the company calls its "normal-course process" to selectively prune underperforming Macy's and Bloomingdale's locations while also opening new ones to fill gaps in local markets and take advantage of new opportunities.
"We continue to be committed to maintaining a healthy portfolio of stores that allows us to focus on growth from our best and most productive locations," said Terry J. Lundgren, Macy's chairman,
president and CEO. "This requires us to make some difficult decisions to close stores that no longer meet our performance requirements, as well as to open stores where we see opportunity."
Macy's will close stores in the following five locations in early spring 2012: West Ridge Mall in Topeka, Kan.; Laurel Mall in Laurel, Md.; Parmatown in Parma, Ohio; Hickory Hollow in Antioch, Texas; and Mall of the Mainland in Texas City, Texas. As previously reported, five new Macy's stores, as well as one replacement store, will be located in Victorville, Calif.; Gurnee, Ill.; the Bronx, N.Y.; Salt Lake City, Utah; Greendale, Wis.; and Bay Shore, N.Y. (the replacement store).
Bloomingdale's will close four stores in the following locations in early spring: Perimeter Mall in Atlanta; Oakbrook Home and Furniture in Oak Brook, Ill.; White Flint in North Bethesda, Md.; and Mall of America in Bloomington, Minn. Bloomingdale's is planning to open one new store in Glendale Galleria in Glendale, Calif., in fall 2013, as well as an all-new, smaller-format store in Stanford Shopping Center in Palo Alto, Calif. The new 120,000-square-foot-store will replace an existing 229,000-square-foot-store and is slated to open in spring 2014, subject to completion of a public approval process.
In conjunction with these store closings, an estimated $25 million to $30 million of costs (of which approximately $20 million will be non-cash) will be booked in the fourth quarter of 2011, Macy's said. These costs were not included in previous earnings guidance provided by the company.