Macy’s Closings: Why are Stores Shutting Down?
Macy’s is closing some of its stores. In 2022, they closed 125 stores, and they plan to close about 100 more in 2023. Other big stores like Sears, JCPenney, and Kohl’s are doing the same thing. But why?
Online Shopping: More people are buying things online instead of going to physical stores. This means fewer shoppers inside Macy’s, which hurts their sales.
Malls are Quieter: A lot of Macy’s stores are inside malls. But malls aren’t as busy as they used to be. With fewer people visiting malls, stores inside, like Macy’s, feel the pinch.
Too Many Stores: Some time ago, Macy’s opened many stores. But not all of them were making good money. So, they have to shut down those that aren’t doing well.
Big Debts: Macy’s owes a lot of money. This big debt means they have less money to improve their stores or to try new things to attract shoppers.
Shoppers Want New Stuff: Shoppers’ tastes change over time. They might want cheaper stuff, or they might want a faster way to shop. Macy’s has been struggling to give them that.
Even though they are closing stores, Macy’s is trying to get better. They’re focusing more on selling things online. They’re also trying to give better deals and make shopping faster and easier. But it’s a tough time for them, and they have to adapt quickly.
We don’t know yet which specific Macy’s stores will close in 2023. But it seems like the ones in quieter malls might be at risk. When these stores close, many workers will lose their jobs. Macy’s says they’ll try to move some workers to other stores. But sadly, not everyone will get a new position.
All these Macy’s closings show how hard it’s getting for big stores to keep up in today’s shopping world. They have to be quick and smart to keep shoppers happy.
Why is Macy’s struggling?
Macy’s, a big name in the shopping world, is having some problems. Here’s why:
Online Shopping Grows: Lots of people are buying things online nowadays. Because of this, fewer people are walking into actual stores to shop. Macy’s was late to join the online shopping game, and this has hurt its sales.
Malls are Less Popular: Many Macy’s stores are in malls. But malls aren’t as crowded as before. Why? Again, online shopping plays a big role. When fewer people visit malls, stores like Macy’s sell less.
Too Many Stores: A while back, Macy’s opened a lot of new stores. The problem? Some of these stores weren’t making money. So, now they’re having to close them.
Too Much Debt: Imagine having a big loan to pay but not making enough money. That’s where Macy’s is right now. This big debt stops them from making important changes to get better.
Shoppers Want Different Things: Times change, and what shoppers want changes too. Many are looking for cheap and easy-to-find items. Macy’s has found it hard to give shoppers what they now want.
Tough Rivals: Think about stores like Walmart, Target, and the online giant, Amazon. They sell lots of different things at cheaper prices. This makes it hard for Macy’s to keep up.
Young Shoppers Aren’t Coming: Macy’s shoppers are getting older. The company needs young people to start shopping there. But that’s been tough.
Costly Employees: It costs Macy’s a lot to pay its workers. This means they might have less money to make the store better or lower their prices.
Some Brands Don’t Sell Well: Macy’s sells things from different brands. But not all of them are popular. When they have items that people don’t want to buy, it’s not good for business.
So, Macy’s is in a tough spot right now. They’ve been a famous name in shopping for a long time. But today’s world is different. Shoppers can buy things with a click on their phones. Big malls aren’t as busy. People want different things. And competition is fierce.
Macy’s knows about these problems. They’re trying to fix them. They’re closing the stores that aren’t making money. They’re trying to sell more online. And they’re looking for ways to give shoppers what they want. But fixing problems like these isn’t quick or easy.
Still, Macy’s isn’t giving up. They’re trying hard to change with the times. They’re looking for ways to attract young shoppers. They’re testing new store ideas. And they’re focusing on the brands and items that people love.
But one big question remains: Will all these efforts be enough to help Macy’s bounce back? Only time will tell. For now, if you’re a fan of Macy’s, keep an eye on the changes they’re making. They might just surprise everyone.
How many Macy’s stores are left in the US?
Right now, there are 505 Macy’s stores in the United States. That’s less than before. Last year, Macy’s shut down 125 of their stores. They plan to close about 100 more this year.
Why is this happening? More people are shopping online and not going into physical stores as much. Because of that, some stores aren’t making enough money.
Which states have many Macy’s stores? California leads with 89 stores, followed by Florida with 63. New York has 58, and Texas has 54.
But Macy’s isn’t the only store closing locations. Other big names like Sears, JCPenney, and Kohl’s are also shutting down some of their shops. This is a big change in the world of shopping.
Even with these changes, Macy’s is still doing okay. They’re selling a lot online. But it’s clear that stores like Macy’s have to find new ways to keep up with how people shop today.
Is Macy’s closing in California 2023?
Macy’s is closing four of its stores in California in 2023. Here are the stores that will shut:
- Baldwin Hills Crenshaw Plaza in Los Angeles
- Foothills Mall in Fort Collins
- Lakeforest Mall in Gaithersburg, Maryland (Note: This isn’t in California)
- Windward Mall in Oahu, Hawaii (Note: This isn’t in California either)
These California closures are part of Macy’s plan to shut down 100 stores all over the country in 2023. Why are they doing this? They want to save money and do better in business.
About 600 people work at these California Macy’s stores. The company will try to move many of them to other stores, but some will sadly lose their jobs.
Big stores like Macy’s are finding it hard these days. More people shop online and fewer visit malls. This means less money for stores inside those malls. The Macy’s closings in California show that even big companies have to change when times get tough.