Macy’s announced this week that it will close 150 stores nationwide. It’s just another feather in Joe Biden’s cap that all of this is happening on his watch.
Bidenomics doesn’t work well for either retailers or customers.
From WECT News:
Macy’s to close 150 stores in 3 years due to declining sales
Macy’s will close 150 unproductive namesake stores over the next three years, including 50 by the end of the year, the department store operator said Tuesday after reporting a fourth-quarter loss and declining sales.
As part of the strategy, Macy’s aims to modernize its remaining 350 stores, with plans to add more salespeople in try-on areas and shoe departments, while adding more visual displays such as mannequins. At the same time, the company has signaled a shift toward luxury, which has performed better overall. It said it will open 15 of its high-end Bloomingdale’s stores and 30 of its Bluemercury luxury cosmetics stores.
The Macy’s stores set to close represent 25% of overall square footage but less than 10% of sales, the company said.
In San Francisco the flagship store is closing and, as usual, theft was a big reason.
From the San Francisco Standard:
Workers at Macy’s in Union Square say rampant shoplifting is to blame for the closure
“It happens every day,” employee Steve Dalisay said.
Hanging blazers in the men’s department on the sixth floor of Macy’s, Dalisay said blazers, wallets and boxer shorts are the most frequently stolen items from his department. She said thieves take at least four blazers every day, adding that she typically sees about 10 wallets and 20 briefs stolen every day…
In the women’s department on the fourth floor, another employee who has worked at Union Square Macy’s for more than 10 years insisted that theft and declining sales were the driving forces behind the closing.
“It’s theft and people aren’t coming in,” said the worker, who didn’t want to be identified because employees aren’t allowed to talk to reporters. “Basically the same thing that happened to Nordstrom is happening to us.”
In this video, Mayor London Breed flat out denies that the theft was a problem.
San Francisco will become a ghost town if it continues down this path.