Macy's announced today it will shutter another 100 of its stores across the country, continuing a trend of retail store closures in the face of growing online competition, but it's unclear how many Southland locations will be affected.
"We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy's heritage as a preferred shopping destination for fashion, quality, value and convenience,'' said Macy's Chairman/CEO Terry J. Lundgren. "This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites and apps.''
The retail chain did not disclose which stores will be affected, saying final decisions have not yet been made. The store in North Hollywood, however, is expected to close later this year. The company said it plans to maintain "a significant bricks-and-mortar presence in 49 of the top 50 U.S. markets.''
Retail chains including Walmart, Kohl's, Sears and Kmart have also announced sweeping store closures in recent months. Macy's announced earlier this year it was closing about 40 stores, including its Irvine Spectrum and Westfield Century City mall locations.
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The company operates 728 stores across the country.
"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,'' Macy's President Jeff Gennette said. "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," Gennette said.