Macy's to Close Five Stores
CINCINNATI-Macy's said it plans to close five stores as part of its effort to slim down on underperforming locations.
The stores are located in Boise, Idaho; Waterford, Mich.; St. Ann, Mo.; Missoula, Mont., and Burlington, N.J.
Terry Lundgren, Macy's chairman, president and chief executive officer, said the decision to close stores often takes place due to changes in local markets, the opening of competing shopping centers near existing older ones and changes in consumer shopping habits. "We are committed to maintaining a healthy portfolio of stores, which requires us to make the difficult decision to close some stores that no longer meet our performance requirements, as well as to open new stores where we see opportunities," Lundgren said.
In 2009, five new Macy's stores were opened in Gilbert, Ariz., Fresno and Visalia, Calif., Lee's Summit, Mo. and Fairview, Texas. Following these store closings, Macy's will operate 849 stores--809 Macy's and 40 Bloomingdale's.
The company has previously announced that it will open new Bloomingdale's stores in Santa Monica, Calif., and Dubai, which would be its first international location.