Macy’s said Wednesday it’s closing 29 stores, in an effort to boost its profitability and focus on its most profitable stores.
Thankfully the Joplin store is not on the list of closings but more change might be in the works.
The company attributed the sales weakness to warm weather and soft foot traffic at lower-tier shopping malls.
Macy’s said in 2016 that it was planning to close 100 stores. The first wave of the closures was in January 2017. Then in 2018, it announced nearly a dozen more would close. Last year, it shuttered less than 10. Most of these closures came as store leases expired.
Macy’s still has roughly 680 department stores up and running, including Bloomingdale’s, and about 190 specialty stores that consist of Bloomingdale’s The Outlet, Bluemercury and Macy’s Backstage.
The department store chain is expected to share additional updates on its real estate plans during an investor meeting in on Feb. 5.
Macy’s shares have fallen more than 40% over the past 12 months. The company has a market cap of about $5.6 billion.