Kentucky locations in Lexington, Louisville, Florence, Bowling Green, Owensboro
CINCINNATI, Ohio (Aug. 11, 2016) — Macy’s announced today that it will close 100 full-line stores, out of a current portfolio of 675 full-line locations and 728 total stores. Locations that are closing have not been announced. Macy’s are located in Kentucky in Lexington, Louisville, Florence, Bowling Green and Owensboro.
Macy’s said in a press release: “Most of these stores will close early in 2017, with the balance closing as leases and certain operating covenants expire or are amended or waived. In a number of cases, stores will be closed as the value of the real estate exceeds their value to Macy’s as a retail store. The company will act to remain connected to customers of the stores it will be closing by supplementing merchandise assortments in surrounding locations, as well as through the company’s online site and mobile app.”
Jeff Gennette, Macy’s president, said, “Nearly all of the stores to be closed are cash flow positive today, but their volume and profitability in most cases have been declining steadily in recent years. We recognize that these locations do not yield an adequate return on investment and often do not represent a customer shopping experience that reflects our aspirations for the Macy’s brand. We decided to close a larger number of stores proactively so we can invest in a winning customer experience in our most productive and highest-potential locations, as well as invest in growth sooner and more aggressively in digital and mobile.”
“We believe that this reduction of 100 locations in the short term will result in a more appropriate store portfolio for Macy’s in the longer term and help us to accelerate our progress in building a vibrant omnichannel brand experience,” he said . “With this strategy, we will be able to reinvest in a more energized shopping experience in our remaining stores and elevate our total customer experience across all methods of shopping.”