Macy’s is about to close more stores — here's where they will likely shut down
(AP)
Macy's is about to kick off its next wave of store closures.
The retailer revealed plans in August to shut down 100 stores in early 2017 as it battles slowing sales and growing online competition.
Macy's Chief Financial Officer Karen Hoguet provided an update on the closures at a conference last week, and said some stores will start shutting down before the end of the year, according to the Cincinnati Business Journal.
Hoguet didn't reveal how many closures are imminent, but said "All 100 will not close at year end," according to the Business Journal.
"Many of those have leases, so it makes no sense to pay rent and not operate," she said. In other words, stores owned by Macy's will be the first to close.
Macy's has not released a comprehensive list of stores that will close. The company did not respond to Business Insider's request for comment on how many stores would close before the end of the year.
"When we have more to share, we will announce accordingly," Macy's spokeswoman Holly Thomas said.
Macy's employs more than 150,000 people, and the closures represent 15% of its store base.
The only impending closures that Macy's has confirmed are the following:
Carolina Place in Pineville, North Carolina
Oakwood Mall in Eau Claire, Wisconsin
Greenwood Mall in Bowling Green, Kentucky
Quail Springs Mall in Oklahoma City, Oklahoma (closed earlier this year)
Lancaster Mall in Salem, Oregon
Southwest Morrison St. in Portland, Oregon
Douglaston Mall in Douglaston, New York
Macy's Men's store in Union Square in San Francisco
In August, Morningstar analysts identified 28 stores that are most at risk for closures.
They include:
Cottonwood Mall in Albuquerque, New Mexico
Dover Mall and Commons in Dover, Delaware
South Towne Center in Sandy, Utah
Lakeland Square Mall in Lakeland, Florida
Friendly Center in Greensboro, North Carolina
Lakewood Center in Lakewood, California
The Shops at Wiregrass in Wesley Chapel, Florida
Crossroads Center in Saint Cloud, Minnesota
Battlefield Mall in Springfield, Missouri
Sangertown Square in New Hartford, New York
Westfield Trumbull in Trumbull, Connecticut
Montgomery Mall in North Wales, Pennsylvania
Starwood National Mall Portfolio in Plano, Texas
Peachtree Mall in Columbus, Georgia
Glenbrook Square in Fort Wayne, Indiana
Oglethorpe Mall in Savannah, Georgia
Visalia Mall in Visalia, California
Willowbrook Mall in Houston, Texas
Town East Mall in Mesquite, Texas
Bend River Promenade in Bend, Oregon
Tucson Mall inTucson, Arizona
Sunvalley Shopping Center inConcord, California
Meadowood Mall in Reno, Nevada
Penn Square Mall in Oklahoma City, Oklahoma
The Mall of New Hampshire in Manchester, New Hampshire
The business analytics firm 1010data has also made a prediction on where closures are most likely.
The firm identified the most at-risk areas for closures based on a review of consumer spending data that showed where Macy's is losing the most market share to competitors including Dillard's, Nordstrom, and Lord and Taylor.
Here are the top 10 cities where Macy's lost the most market share between 2014 and 2015 — and where the company is most likely to close stores as a result, according to 1010data.
Milwaukee, Wisconsin – 14% loss
Pittsburgh, Pennsylvania – 12% loss
Hartford, Connecticut – 9.4% loss
Philadelphia, Pennsylvania – 9.1% loss
Detroit, Michigan – 8.2% loss
Cincinnati, Ohio – 7.5% loss
Daytona Beach, Florida – 7.4% loss
St. Louis, Missouri – 6.2% loss
Columbus, Ohio – 5.9% loss
Cleveland, Ohio – 5.7% loss
Macy’s experienced the biggest losses in market share in large cities in the Midwest, such as Cincinnati and Milwaukee. But areas in the South, Northeast, and Pacific Northwest also experienced significant declines, according to 1010data.
Here's a heat map showing the areas that experienced the most losses in market share.
(1010data)
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