Macy’s planning to close down on a few stores as per reports – The Concepts News

As a part of their annual review, Macy’s has been eyeing furthermore closures of their stores as per the reports coming out on Wednesday.

These closures include the 28 story of Macy’s and one at the location of Bloomingdale as per the report which cited a spokeswoman of the company. There are 680 departmental stores being operated by Macy in addition to the 190 specialty stores.

The shares of this department store saw a jump of 7 % in the trading premarket on Wednesday after it had been reported that the sales in holiday had been a lot better than was feared. Post the opening of the markets and the word that there were closures going to happen, those gains were pared by Macy’s. This stock had been down be less than 1%.

The sales in the store and the stores which are owned by it along with the licenses have seen a fall of 0.6% in the months of November and December. At the stores which it has owned for a minimum of one year, the sales in the holiday had fallen by 0.7% said the company on Wednesday.

For the fourth quarter, that includes the major holiday season, the analysts have been calling for a decline in same store sales of 1.75%, as per a recent poll.

Macy’s has tried to win the customers back as the people who shop head to the malls a lot less frequently now and believe in shopping online a lot more. The chain of department stores has been refreshing the interiors and improving the assortment of their products. They have also been trying to implement new store formats akin to Backstage.

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