Economy

Sears Holdings, Macy's announces store closures

Sears Holdings, Macy's announces store closures

"The decision by Macy's to close its downtown retail location is understandable given that the retail sector continues to be greatly disrupted by new technologies and is rapidly evolving from the standard brick and mortar stores to become more flexible and mobile", Black wrote in a memo to mayor and council members.

Over ten locations are set to be closed this year, including the Macy's at Birchwood Mall in Fort Gratiot Township in MI.

Macy's operates more than 700 department stores under the Macy's and Bloomingdale's names, and approximately 160 specialty stores.

This is one of 11 Macy's stores set to close early this year, but only four had been previously announced by Macy's Inc.

The shutdown also might be speaking to an appetite by younger shoppers for smaller stores rather than big-box locations, added Alyce Robertson, executive director of the Miami Downtown Development Authority.

The Macy's stores at the Eastwood Mall in Niles and Southern Park Mall in Boardman are not included on the list of closures.

More news: Food Lion recalling buttermilk biscuits

The company said in a statement Wednesday the closure is part of the 100 planned store closures announced in August 2016.

An Oaks Mall department store will be closing it's doors. By 2005, Federated had brought all its Burdines outposts under the Macy's brand.

The building is owned by Aetna Realty Group LLC, which bought part of the building about five years ago for $15.5 million and the rest shortly after for $10 million, according to the Miami-Dade County property appraiser's office.

We asked our viewers what they thought about the store closing and here is what some had to say.

Macy's and J.C. Penney both reported holiday sales growth, offering encouraging signs that if department stores struggling to hold their own against online retailers had a decent period, other retailers did as well. In most cases, clearance sales will began January 8 and wrap up over eight to 12 weeks. Another 19 stores will be closed as leases or operating covenants expires, or as sale transactions are completed.


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