Will Macy’s Store Closings Affect CherryVale Location?
Over the next 3 years, Macy's plans to close 125 locations, or about one-fifth of their U.S. stores.
Macy's also plans to eliminate 2000 corporate jobs, and close its Cincinnati headquarters and tech offices in San Francisco.
Macy’s said it plans to exit weaker shopping malls, and instead shift its focus toward opening smaller-format stores in strip centers. Macy’s has shuttered more than 100 stores since 2015.
As it also shuts its headquarters in downtown Cincinnati, and an office in Lorain, Ohio, the company said New York will become its sole corporate headquarters. It also is closing its Tempe, Arizona, customer contact center.
Macy’s said the 125 stores now planned for closure, which include the roughly 30 it already announced, account for roughly $1.4 billion in annual sales.
Meantime, Macy’s said it is planning to open an additional 50 Backstage stores within its existing department stores, along with seven freestanding Backstage locations, in 2020.
The roughly 2,000 jobs being cut represent about 9% of its corporate workforce, Macy’s said.
Macy’s said it expects the total costs related to these changes to amount to between $450 million and $490 million, the majority of which will be recorded in 2019.
As for the fate of our own CherryVale Mall Macy's location, Macy's is keeping the list of potential closing spots to themselves for the most part, so we won't know what's going to happen here until Macy's starts naming more stores to be closed.