An updated list of the Macy’s stores closing in 2018 has been released.
The new list from Macy’s Inc (NYSE:M) provides details for the stores that will be closing early this year. Here is the Macy’s stores closing list for 2018.
- Laguna Hills Mall, Laguna Hills, CA
- Westside Pavilion, Los Angeles, CA
- Novato (Furniture), Novato, CA
- Stonestown Galleria, San Francisco, CA
- The Oaks, Gainesville, FL
- Miami (Downtown), Miami, FL
- Magic Valley Mall, Twin Falls, ID
- Honey Creek Mall, Terre Haute, IN
- Birchwood Mall, Fort Gratiot Township, MI
- Fountain Place, Cincinnati, OH
- Burlington Town Center, Burlington, VT
Locations on the Macy’s stores closing list will be holding clearance sales to empty out their inventory. According to the company, most of these sales will start on Jan. 8, 2018 and will last for eight to 12 weeks.
Macy’s notes that the store closures are part of its plan to close 100 of its retail locations. This plan started in August 2016 and is still ongoing. The addition of these 11 new locations to the Macy’s stores closing list brings the total locations closed under the plan to 81.
Macy’s says that it still has plans to close an additional 19 stores as leases or operating covenants expire, or sale transactions are completed. The company says that the reason for the store closures are to assure that it has the proper mix of brick-and-mortar and digital footprint. This is likely the retailer’s effort to deal with declining traffic as online shopping continues to grow in popularity with customers.
M stock was down 3% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.