Faltering Macy’s to Close 66 Stores, With New York, Florida and California Hit Hard

Macy’s Inc. (NYSE: M) has repeatedly said it would close underperforming stores as it works to improve same-store sales and overall revenue. It officially announced it would shutter 150 last February. The shutdown of the locations is set to happen over a three-year period. Tony Spring, Macy’s CEO, calls it part of his Bold New Chapter plan. Stores in California, Florida, and New York will be hit particularly hard.

Macy’s Bold New Chapter

Spring says his plan will draw buyers back to the stores. He says Macy’s will focus on “go-forward” stores. Sixty-six on a new list of those stores that will not make it were crossed off the go-forward list. In other words, they will not be “reimagined,” which is how Macy’s plans its store-building program.

“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go-forward stores, where customers are already responding positively to better product offerings and elevated service,” Spring said.

So far, Spring’s plan has been a failure. In the most recent quarter, revenue declined 2.4% to $4.7 billion. Earnings shrank from $0.15 to $0.10 per share. Macy’s stock is down 14% in the past year, even though activist investors have pushed the retailer to sell some of its real estate. Barrington Capital and private equity firm Thor Equities say Macy’s real estate is about double its market value.

Of the 66 stores closing, eight are in New York State. Seven are in Florida. Nine are in California.

All 66 Disappearing Stores

• Superstition Springs Center, Mesa, Ariz.
• Broadway Plaza, Los Angeles, Calif.
• Hillsdale Furniture, San Mateo, Calif.
• Sunrise Mall, Citrus Heights, Calif.
• Westminster Mall, Westminster, Calif.
• NewPark Mall, Newark, Calif.
• Mission Valley Home, San Diego, Calif.
• Otay Ranch Town Center, Chula Vista, Calif.
• Village at Corte Madera, Corte Madera, Calif.
• Downtown Plaza, Sacramento Calif.
• Streets at Southglenn Furniture, Centennial, Colo.
• Northfield Stapleton, Denver, Colo.
• Boca Raton Furniture, Boca Raton, Fla.
• Boynton Beach Mall, Boynton Beach, Fla.
• Ft. Lauderdale Furniture, Fort Lauderdale, Fla.
• Pembroke Furniture, Pembroke Pines, Fla.
• South Dade Furniture, Miami, Fla.
• West Shore Plaza, Tampa, Fla.
• Altamonte Furniture, Altamonte Springs, Fla.
• Southgate, Sarasota, Fla.
• Gwinnett Furniture, Duluth, Ga.
• Gwinnett Place, Duluth, Ga.
• Johns Creek Town Center, Suwanee, Ga.
• Silver Lake Mall, Coeur D’Alene, Ida.
• White Oaks Mall, Springfield, Ill.
• Acadiana Mall, Lafayette, La.
• Independence Mall, Kingston, Mass.
• Security Square, Baltimore, Md.
• Harford Mall, Bel Air, Md.
• Grand Traverse Mall, Traverse City, Mich.
• Lakeside Mall, Sterling Heights, Mich.
• Oakland Mall, Troy, Mich.
• Genesee Valley Center, Flint, Mich.
• Maplewood Mall, Maplewood, Minn.
• Burnsville Center, Burnsville, Minn.
• Metro North Mall, Kansas City, Mo.
• South County Mall, St. Louis, Mo.
• Essex Green Shopping Center, Orange, N.J.
• Lake Success, New Hyde Park, N.Y.
• Melville Mall, Huntington, N.Y.
• Queens Place, Elmhurst, N.Y.
• Sheepshead Bay, Brooklyn, N.Y.
• Mall at Greece Ridge, Rochester, N.Y.
• Sunrise Mall, Massapequa, N.Y.
• Brooklyn 2, Brooklyn, N.Y.
• Staten Island Furniture, Staten Island, N.Y.
• Fordham Place, Bronx, N.Y.
• Fairfield Commons, Beavercreek, Ohio
• Franklin Park, Toledo, Ohio
• Streets of Tanasbourne, Hillsboro, Ore.
• Salem Center, Salem, Ore.
• Logan Valley Mall, Altoona, Pa.
• Exton Square Mall, Exton, Pa.
• Philadelphia City Center, Philadelphia, Pa.
• Wyoming Valley Mall, Wilkes Barre, Pa.
• Oak Court, Memphis, Tenn.
• Almeda Mall, Houston, Tex.
• Fairview, Fairview, Tex.
• Shops at Willow Bend, Plano, Tex.
• Southlake Town Square, Southlake, Tex.
• West Bend, Fort Worth, Tex.
• Highlands of Flower Mound, Flower Mound, Tex.
• Southpark Mall, Colonial Heights, Va.
• South Hill Mall, Puyallup, Wash.
• Redmond Furniture, Redmond, Wash.
• Kitsap Mall, Silverdale, Wash.

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