Retail Apocalypse: Macy’s will close 100 stores

Steep discounts have not reversed Macy’s declining sales.

As a consequence, yesterday the giant retailer announced it will close 100 stores — or nearly 14% of its fleet — “to focus on its best-performing stores”.

Macy’s currently operates 728 stores, including 675 of its traditional full-price locations. Over the past 6 years, it had already shuttered about 90 stores, but also opened 13 new locations.

Krystina Gustafson reports for CNBC, Aug. 11, 2016, that the company lowered its full-year forecast in May, after reporting its steepest quarterly same-store sales decline since the 2008 recession. At that time, the company had warned that sluggish sales in warm-weather clothing would weigh on its sales and margins in the second quarter, as it would be forced into additional discounting.

Most of the 100 Macy’s stores that are slated for closure will be closed down early next year, with the remainder shutting down as leases and other obligations expire or are waived. The locations of these stores will be released at a later date. Employees impacted by the store closings may be offered positions in nearby stores. Eligible employees who are laid off will be offered severance benefits.

Macy’s President Jeff Gennette said nearly all the stores are cash-flow positive, but “their volume and profitability in most cases have been declining steadily in recent years.” In some cases, the stores are not performing worse than the overall fleet, but their potential value from redevelopment exceeds their value as a retail store. Macy’s will also close a few stores where there is another location nearby.

After these stores close, the retailer will retain a physical footprint in 49 of the top 50 U.S. markets based on population. The company will use the savings from its store closings to focus on its “highest-potential locations,” and invest “more aggressively in digital and mobile,” Gennette said. Macy’s estimates the annual sales volume it would lose from these 100 stores combined is roughly $1 billion after factoring the revenue it expects to retain due to nearby stores and the web.

Macy's CEO Terry Lundgren

Macy’s CEO Terry Lundgren told CNBC: “Whenever there’s been a setback in our company, we’ve been first in the industry to take a very aggressive stance at moving us forward. That’s just part of it. By closing 100 stores… we’re getting out in front of this.” Lundgren said he’s confident about consumers’ ability to spend moving forward, pointing to growth in auto sales and home improvement: “This is good news. They don’t need another car. They don’t need to fix their home anymore… So it’s my turn. It’s our turn.”

Blah, blah, blah.

The company announced in June that Lundgren would step down from his role in 2017, and be succeeded by Gennette.

Terry Lundgren has been Chairman, President and CEO of Macy’s, Inc. since 2004, which means he’s totally responsible for these:

~Eowyn

33 responses to “Retail Apocalypse: Macy’s will close 100 stores

  1. Gee-what a shame all those employees will have to suffer because of his mismanagement.

    Liked by 4 people

    • Yeah, that’s the problem with corporations. The belief is that profit is the only goal. The old business model, family-owned business, consisted of profit and loyalty. The employees were loyal as they were treated fairly. The companies were loyal as they depended on the employees.

      Corporations stand that on its head. NOTHING matters but profit. As a result, its a destructive business model. One of the reasons it was fairly controlled at the outset was that it was a license to steal and pass social costs on to others.

      They have bought their way out of that problem and rule the world. Very few seem to get it.

      Liked by 4 people

      • If corporations care only about profits, their CEOs wouldn’t make policies like allowing transgenders to use women’s rooms (when transgenders are less than 1% of the U.S. population), or go homo (when homosexuals, according to the CDC, comprise at most 3% of the population), or have Mother’s Day ads of 2 lesbians and Father’s Day ads of 2 “gay” men (as JCPenney did, to its ruin), or have drag queens in the Macy’s Thanksgiving Parade (what % of the U.S. population are transvestites?).

        Somewhere along the way, Big Business abandoned the “profits only” model for social reengineering. Karl Marx would turn over in his grave.

        Liked by 3 people

        • Weil, they are free to indulge themselves in more ways than their disgustingly large salaries. There is nothing “pure” about “pure profit uber alles”.

          Whether its Marx or or a free market thief it all ends up the same. I don’t believe in somebody else’s ideology being “pure”. I use my own judgement based upon what my faith informs me and my life’s experience.

          Subscribing to someone else’s ideology doesn’t absolve a person of decent human behavior. There is nothing “holy” about corporations, then or now. Their principle reason for being is to absolve those who make decisions from responsibility.

          Making a “reasonable” profit is fine. Just like being paid a “just” wage. Nobody gets to declare themselves immune to the consequences of their actions in my book. If I were King we wouldn’t have corporations. But I’m not so, the ones we do have should behave as if they had a social responsibility.

          What any of that has to do with “trans-genderism” or any other aberration is a mystery to me. I suppose my response would be, if you don’t fire him I won’t use your business. If he wants to cater to perverts, maybe perverts should become his clientele.

          Liked by 2 people

        • I think Karl Marx is rejoicing in Hell, because social engineering is what he wants!

          Like

  2. As the Muslim population rapidly grows, one black burqa lasts several years so Muslimas have little need for the seasonal togs offered by Macys. No wonder they are hurting. Bet they are shuttering their Fairlane Mall branch in Dearborn, Michigan.

    Liked by 4 people

    • I think it’s all designer duds under those burqas, at least around here (Orange County, CA).

      Liked by 2 people

      • So your headwear doesn’t go our of style for 1,300 years? There is something “off putting” about a belief that God cares about you exposing your noggin.

        Or, God made you beautiful in order to cover it up so no one can tell. I think this would be an irritant if we had resolved all our other problems in life and just had this to contend with.

        I think I’ll just leave them alone and stay away from them if possible. It seems clear that they have no intention of assimilating. The fully expect us to change. This is a “no-win” situation. They will eventually retreat into their own enclaves and plot against us.

        In order for a society to exist it has to have shared values. This is, of course, precisely why they are introducing this disruptive force into our societies. They want them to collapse so that they can install their substitution.

        So I’ll go back to an old refrain. Why aren’t these political parasites being chased down the street? It makes no sense.

        Liked by 3 people

      • Ha ha ha; maybe they have private burqaslesque ‘invitation only’ parties….

        Liked by 1 person

  3. Haven’t shopped at their store or online since their 2011 transgender announcement. Their products were way overpriced any how.

    Liked by 4 people

  4. Macy’s pushed Joshlins out of Colorado Springs and they never have been close to Joshlins in quality and service, variety etc. They try so hard to be trendy but neglect the needs of the public with normal clothing. All younger people stuff and strange marketing practices. Many of us have to buy clothes at Costco for the needs of people in the West. This is not New York.

    Liked by 4 people

  5. Pingback: Retail Apocalypse: Macy’s will close 100 stores — Fellowship of the Minds | kommonsentsjane

  6. Macy’s destroyed the local department store cachet. Who remembers going on vacation and shopping at The Broadway and Burdines? These stores are now in a vortex of boring and homogeneous retail, lacking good customer service. TJ Maxx and Marshalls are offering better deals on clothing and home goods at prices people want to pay.

    Liked by 3 people

    • They chase profits. When I was young, shopping was a pleasant experience. We didn’t have “malls”, you went downtown and store to store. Department stores had departments. The people who worked in them were courteous and knowledgable about their products.

      Now, we go to “warehouses” in malls. The kid who works there only knows what it says on the box. Soon we’ll be ordering on line, as they no longer want to spend “their” money on our convenience.

      Again, this is the “corporate model”. Not only is it purely profit-based, they must continually “improve” profit even when they’re doing fine. That means that people have to go. Labor is the largest cost…….., so…..!

      Our society needs jobs. Anyone who is in business owes their society something. It is not purely about “I’ll get mine and to Hell with you”. Our control over business is largely simply not shopping there. I highly recommend this. I also recommend telling them why.

      When I look back over my time on Earth, this does not enter the “plus” column. In fact, very little would I consider an improvement. I see an endless assault on my quality of life in order to profiteer.

      Just for a little perspective, I am a business major. I was a federal official and in management for over 34 years. So, while no one has to agree with me, they can’t truly say I haven’t had experience. I see this as clear as day.

      By the way, I have worked for a few very good companies. They are getting harder and harder to find.

      Liked by 3 people

      • “By the way, I have worked for a few very good companies. They are getting harder and harder to find.”

        And that is God’s truth, which is why I became an independent business man at 19.5 yrs and have never looked back, except for the brief periods when I was a management consultant for multi-million dollar firms in need of upgrading morale, productivity, and sales.

        The GREAT Question is ‘Why are they getting harder to find?” I have my own answers & thoughts, but I’m more interested to learn what FotM’s readers are on this subject!

        Liked by 2 people

        • Yes Joseph, I still consult, but I’m thinking of giving it up. After all, I’m old.

          In many ways “business” isn’t any different from other aspects of our lives. Morals apply as well. The current atmosphere has no place for morals or ethics. This is not the same as “legal” and “Illegal”.

          Because the focus is purely on profit, employers come to resent the employees. That is because the employees represent their largest expense. They are under constant pressure to “improve” their bottom line and the only place to do that is the labor force.

          Reputation no longer means anything. People will buy whatever is there for the cheapest price no matter by who or where it was made. If they can avail themselves of slave labor, they will. That is the purpose of these “trade agreements”. They are injurious to our countries but profitable for the users.

          At the end of the day, without a higher standard, there will be no improvement. The standard must be more important than profit. If that cannot be done then we’re doomed.

          Like

          • I’m not sure what you mean when you write that you are ‘old,’ as at 73 I still happily work in my residential contracting business, putting in 10 hour days as needed, albeit more slowly than thirty years ago! The spirit is willing, but the flesh, dontcha know?

            There’s enormous truth in what you wrote, especially in regard of one’s reputation. All we have in life that is truly ours is our word and our honour. If we cannot maintain integrity in those, then as you painfully point out, ‘without a higher standard, there will be no improvement.’

            Dr Richard Weaver was highly prescient when he declared that loss of our general belief in universals such as honesty, truth, goodness, ideals in general, means we’re doomed to a grovelling materialism and here we are, for as you wrote: ‘In many ways “business” isn’t any different from other aspects of our lives. Morals apply as well. The current atmosphere has no place for morals or ethics.’

            I rest my case with the supreme example of HRC, aka Broom Hilda, who’s been corrupt for so long she can’t recall when it began and sees it as normality!

            Like

  7. Thank You for looking at the economic end of the debacle, Dr. E. But I take another perspective on it, and that is of the EXTINCTION PROTOCOL. Eugenics—up until about the 1950’s or so—was pushed by the academics as a way of “improving the stock,” as it were. But now the ulterior motive is about to be exposed: The EXTINCTION of the species.
    The Ruling Elite and some of their puppets do not look upon us as flesh-and-blood human beings: To them, we are USELESS EATERS. They’re quite fed up with the chore of having to feed, clothe and house us. Since and outright Holocaust would expose them, they use the incremental approach: The economic angle. So they can incrementally strangle each department or sector, as they go down the list.

    The Retail Apocalypse is coming. I had a man in the Uber about eight or so months ago, and he said that a “large number” of retailers are going to “disappear within the next three to five years.” Although he did not mention Macy’s by name, he did mention K-Mart, Target and Nordstrom’s.

    Now let’s take a look at things, overall, in a simplistic manner, just for an overview of “food, clothing and shelter.” Monsanto and ADM Corp.’s have been cornering the food and feed markets, with their patented seeds, which WILL NOT give new fertile seeds. (The seeds produced from GMO foods are STERILE, thus guaranteeing these corporations a market). That puts the noose on the food chain—with feed for livestock or food for us. The retail contraction will put the noose on clothing for us. And the increased property taxes, which have already put the pressure on landlords to raise rents, have put the noose on the shelter we need.

    In other words, the way of life we have known since the end of WW II—and that immigrants from around the world have envied—is about to disappear. The Ruling Elite will have us “Cry Curly”—“I’m just a victim of coicumstance!” when, in truth, nothing could be further from the truth.

    Yours is an EXTREMELY IMPORTANT PIECE on the retail end. And, let us recall, that supermarkets and gas stations are also on the retail end: DOZENS of supermarkets and gas stations in the New York Metropolitan area have been CLOSING: They are bought by real estate moguls, where they build million-dollar condos on them. So this means people have to drive farther to gas up their cars and walk or drive farther to buy food. Long Story Short: WE’RE BEING TRIANGULATED AND CORNERED, INCH BY INCH.

    This is no mere economic article: We’re being TRIANGULATED AND CORNERED. They can’t do it all at once, so they do it incrementally. This has been DESIGNED and GAMED OUT. So the Question is, WHY? WHAT is the Ulterior Motive?

    I say the Ulterior Motive, in this Anti-Christ System we are living under, is to get us to accept THE MARK OF THE BEAST. This retail problem is just a sign of worse things to come. So this is why I call this episode, as the others, an EXTINCTION PROTOCOL. The object is to CULL THE HERD. This year is 2016. By about 2030, it will begin IN EARNEST. It is an execution by hanging “on the installment plan,” as it were. Pay attention, Everyone, to what is happening: Retailers are contracting. Supermarkets and gas stations are disappearing. Rents are skyrocketing. GMO foods are invading the food chain. (FOOD POLLUTION). This, after 50 years of contraception and abortion. Along with a V-2 Church that “wants to be friends” with Christ’s enemies!

    THIS is the Spirit of Mao Tse Tung! THIS is the Spirit of a Murdering Oligarchy! THIS is the Spirit of Anti-Christ. And we must keep in mind, we in our 60’s and older: We’ll likely be too old or gone before it all hits the fan. And we have a new generation that can’t find its rear end with both hands! But we have to carry the information and the message: THE WAY OF LIFE WE GREW UP WITH IS ABOUT TO DISAPPEAR FOREVER.

    Liked by 3 people

    • Very nicely said, Steven. Few agree with me that there really is no distinction between extreme communism and capitalism. In the end, left alone, they both deliver slaves. They just take a different path to the same end.

      We live in groups. When one lives in groups one has to have respect for the others. Working together we can accomplish more, protect the weak, etc., working like individual predators in the Jungle we become Ayn Rand.

      Sanctifying business magnates is ridiculous. Elevating greed to an attribute is equally noxious. Any respect that any of us earn should be related to how we’ve treated our fellow creatures and what sort of citizens we’ve been.

      Those who have “more”, owe “more”. Those who are more capable have an obligation to “reach down” and help those without those skills. As long as we’re actively striving to take care of ourselves and fulfill our human obligations we can feel pride.

      This “triangulation”, as you put it, is exactly as described. It is designed to eliminate options. In other words, it is designed to make us dependent and enslaved. It is no accident or unintended consequence.

      I’m still doing consulting work and I’m very much tempted to stop. I see a race to the bottom and no sign that a sea change is on the horizon. I can only take so many showers a day and talking to business people results in an uncontrollable desire to wash myself clean of their influence.

      Does it have to be this way? Certainly not. If we still practiced our faith as a society and held dear the same concepts on which this nation was founded, we’d have little to worry about. But, alas, we don’t.

      When I give talks on business ethics I get that “thousand yard stare” that tells me I may as well be discussing Venusian badminton. In other words, it is a totally alien concept. It has been deemed unnecessary by the predator class.

      Liked by 3 people

    • Steven, what doesn’t compute for me about the elites-want-us-dead-and-are-secretly-killing-us thesis is this:

      1. Don’t the elites breathe the same chemtrails-polluted air that we little people do?
      2. With the population of the world decimated, who will maintain the roads, grow their food, & provide their electric power, water, phone, Internet, grocery stores, and household servants?

      Liked by 1 person

      • From what I have learned from listening to, reading and studying Alex Jones, FOTM, Henry Makow, David Icke and others is that the Elites want a reduced population. The Georgia Guidestones says the same in stone. Some apparatchik from the UN said she was looking forward to “depopulation” world-wide. The Queen of England, the Rothschilds and their ilk want the life-extension and the natural resources for themselves. Theirs is a system of theft because they are parasites. Their religion is Satanism, and they look upon themselves as real Ubermench—those “Supermen” who destroy our moral code and establish their own, and enforce it on everyone else. They look upon us as USELESS EATERS. They are CRIMINALLY INSANE!

        Liked by 1 person

        • Yes, all of those things are true, but they are not really the “goal”. Enslavement is the goal. Before enslavement there will be a culling.

          “The rich” are not driven by a desire to get more. They have plenty. They do not want others to have anything. If others have anything they have the means to control their fates (to a point), and the “rich” lose control.

          It is a point that most never consider. “Money” is “control”. Before money became so prevalent, it was somewhat harder to control large masses of people without expending great sums of one’s own. That is why the push is on for electronic transactions. They can simply flip the switch on someone and, bam, they are toast.

          Everyone has a boss. Their ultimate boss is Satan. All the rest are simply details. They’ve collectively been given a long-range plan to see to completion. It has many angles and phases, as would be expected. Sometimes one or another phase lags a little or something becomes problematic. They don’t concern themselves over this. it is to be expected. They just make the necessary adjustments and continue.

          No one can affect this by concentrating on particular actions. It has to be understood that it is all part of a whole. Truly, it will not stand the light of day if it gets enough scrutiny. Most of their minions are involved in the business of diversion and marginalization. Think “Rachel the Lesbo” or “Chris the Screamer”. Those who are hooked on TV get a steady diet of snarky idiots poking fun at anyone who tries to expose their bosses.

          Liked by 1 person

      • Eo, I too have asked myself that, as these are universal concerns for we who are the 90%. This is what I’ve concluded after more than 50 years of improving the property of the 10%:

        1. As US author Fitzgerald famously remarked, ‘The rich are different.’ They feel themselves apart from all else, but never discuss it: this in turn creates Attitude.

        2. Because of #1, they act as if what they do is free of unintended consequence[s] or penalties: they are gods, and act accordingly. Dontcha love it? NOT! This in turn creates Belief.

        3. With 1 & 2 as their chief driving operatives, they’re Convinced that everything they do is not only permissible, but is desirable, which brings us to the quandary you posed: how can they act as if they won’t be negatively affected?

        The above ABC brings us to see that the 10% in their self-imposed limitations [‘their eyes are shut and their ears are stopped’] are no different today than 2000 or 3000 or 4000 or 5000 years –well, you get the point– BUT they NEVER do.

        It’s a blindness that’s not only self-defeating, but one that goes on to every generation after, unless the parents REPENT. Have you seen such a generation? I didn’t think so; I’m older than you, and it’s beyond my ken.

        We ALL [less our 10%!] feel entitled, not simply privileged, and our separate but equal societies ceaselessly promote this as their world-view: screw the rest, WE are the exception!

        Which brings us to Here & Now, and why we’re stuck in our paradigm of world & time.

        Brother can you spare a paradigm? If not, we can expect a planetary collapse about 2050. Of course, most readers & writers will be dead, so….

        Liked by 2 people

        • You explained what I was trying to say, Joseph, and it is floridly (and luridly) described by Nietzsche. What we have is NIHILISM, the destruction of all moral values. Nietzsche clamored for a “transvaluation of all values.” And the rich, as you correctly quote Fitzgerald, “are different.” So they set the agenda, and we’re stuck reacting to it. This is why they always have us on the run!

          The Ruling Elite are SATANISTS, and I hope and pray that “the Devil takes them!”

          Like

        • Sorry! I wrote this in the early hours, and the line ‘Brother can you spare a paradigm?’ should be “Brother can you paradigm?”

          Like

        • I generally agree with that. There are some things that we sometimes discuss here, that are not normally discussed in other places. The religious aspects of this, for example.

          “The rich” are generally thought to mean a class of people who are controlling things. They are not. They may benefit to a larger degree than most, but they are merely “employees”.

          As to why they would sponsor an agenda that could be injurious to themselves, I don’t think that they think things through and, even if they did, they’d follow orders anyway.

          As has been said here, they are Satanists, make no mistake about that. We can’t apply the same moral sense to their actions that we expect of ourselves. Their world is stood on its head from ours.

          I have been struggling for quite some time to find a new way to explain this. In many ways our only hope of avoiding the consequences of their actions is to ignore them. We have to make them irrelevant.

          Anyone familiar with exorcism, for example, knows that the demon really doesn’t have any power over us unless we allow it. Think of this as a general exorcism. In truth, we should meet these creatures with all the tools available to us for exorcism.

          Dorothy Day of the Catholic Worker Movement used to go to the Capitol and sit in the wings day after day with a sign that said “Repent”. We should be hosing them down with Holy Water. It would be encouraging to drive them back to from whence they came.

          Even in the absence of that, they have no authority over us that we do not grant. I know that there are consequences for refusing to grant that authority, but that may be the price we have to pay. Their whole plan depends on turning us into cattle. If we behave like cattle they succeed.

          Like

  8. Thank God for Internet shopping.

    LOL – I can do it from home and not even have to shower. 🙂

    I stopped shopping at Macy’s 10 years ago, as their pricing is totally insane.

    I can get the exact same stuff delivered to my front door for far less money, and I don’t have to risk life and limb by parking out in zooloo land at my local suburban mall and walking 2 miles to get what I want.

    – And I don’t have to pay for the stores hideous leases, either.

    Liked by 3 people

    • I do love the internet. Amazon and Alex Jones for shopping, for sure. But I still love a trip to the supermarket. As Henry Makow has admitted, it is “my guilty pleasure,” too, even if I don’t buy anything or talk to any of the ladies.

      Liked by 2 people

  9. I wanted to replace a wallet that I had for 15+ years. I wanted a good one, but inexpensive. Checked Walmart, target, jcpenny, tjmax, sears, macys,etc. All of them offered the same wallet (4 colors, 4 styles, all same construction and materials, different “brand” boxes and packaging). The Walmart wallet was $14.95, the Macys wallet was ~$40-45. The rest were priced somewhere in between. All made in the same factory in China. All having different brand names. But all the same item, with minor style variations. So who would buy from Macys at $40, if they get the same stuff at Walmart and save &25?

    Liked by 2 people

    • Alan, I totally agree. It’s what I’m referring to as all “coming from the same tube”. (Much like our politicians, food, health care, education, etc.). There’s very little in the way of quality selection anymore. Sure, you can PAY more, but it’s all the same third-world crap, only with a different label. Trader Joe’s stores have mastered this. Costco seems to have better quality control than most places, but it’s probably because they’re so big that they have their choice of Chinese manufacturers.

      Is anyone besides me totally disappointed by “the future” we’re living in? Who in the forward-looking 50s would have imagined that 2016 would be all that it is(n’t)? Where’s our Jetsons-future? We’re more like Mad Max, minus the catastrophic event. I think Idiocracy nails it. :\

      Liked by 1 person

  10. Precisely! We are free to purchase cheap Chinese junk in a manner of their choosing. There is an undercurrent, however, that shows that “they” control this and we must “ask” for any change. So these “trade agreements”, for example, are actually our rulers agreeing how they will treat us slaves without our input.

    With the increasingly controlled flow of “money” (i.e. cash, electronic transfers, etc..), we have lost the ability to set up alternate markets. That was part of the flap over the “bitcoin” issue or some of the other tries to coin new tender. That puts them in a panic.

    Honestly, looking back over my lifetime there is very little I’d consider an improvement. Certainly the “quality of life’ is MUCH lower. People no longer expect to retire and enjoy what remains of their lives any longer. It is important to realize that this isn’t necessary. These controllers do not want people to be happy.

    Lastly, I really believe that for most of our history they believed that there were inherent limits to how far they could go without rebellion. At some point they realized that it just wasn’t so. We’ve been “off to the races” ever since.

    Like

  11. I would like for Macy’s to shut up!

    Like

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