Macy's, Inc. announced today a series of
store openings and closings as part of the company's
normal-course process to selectively prune underperforming
locations while also opening new ones to fill gaps in local
markets and take advantage of new opportunities at both Macy's
"We continue to be
committed to maintaining a healthy portfolio of stores that
allows us to focus on growth from our best and most productive
locations," said Terry J. Lundgren, Macy's chairman, president
and chief executive officer. "This requires us to make some
difficult decisions to close stores that no longer meet our
performance requirements, as well as to open stores where we see
The company is
committed to treating associates affected by store closings with
respect and openness. Associates displaced by store closings may
be offered positions in nearby stores where possible. Regular
full-time and part-time associates who are laid off due to the
store closings will be provided severance benefits.
In conjunction with
these store closings, an estimated $25 million to $30 million of
costs (of which approximately $20 million will be non-cash) will
be booked in the fourth quarter of 2011. These costs were not
included in previous earnings guidance provided by the company.
Macy's will close the
following five stores in early spring 2012. Final clearance
sales at these locations will begin on Sunday, Jan. 8, and run
for approximately 10 weeks.
Ridge Mall, Topeka, KS (193,000 square feet; opened in 1988;
Laurel Mall, Laurel, MD (123,000 square feet; opened in
1981; 76 associates);
Parmatown, Parma, OH (288,000 square feet; opened in 1960;
Hickory Hollow, Antioch, TN (181,000 square feet; opened in
1979; 77 associates);
of the Mainland, Texas City, TX (151,000 square feet; opened
in 1994; 68 associates).
announced, five new Macy's stores, as well as one replacement
store, are currently planned and/or under construction. New
Macy's stores will be located in:
Victorville, CA (103,000 square feet; to open mid-2013;
approximately 140 associates);
Gurnee, IL (140,000 square feet; to open in spring 2013;
approximately 200 associates);
Bronx, NY (160,000 square feet; to open in fall 2013 or
spring 2014; approximately 225 associates);
Lake City, UT (150,000 square feet; opening in March 2012;
approximately 116 associates);
Greendale, WI (150,000 square feet; to open in March 2012;
approximately 160 associates).
A replacement store
will be built in Bay Shore, NY (200,000 square feet; to open in
fall 2013; approximately 180 current associates).
When all of these
planned openings and closings are complete, Macy's will operate
804 stores in 45 states, the District of Columbia, Puerto Rico
Bloomingdale's Store Closings
close the following four stores in early spring 2012. Final
clearance sales at these locations will begin on Sunday, Jan. 8,
and run for approximately 10 weeks.
Perimeter Mall, Atlanta, GA (234,000 square feet; opened in
2003; 128 associates);
Oakbrook Home and Furniture, Oak Brook, IL (93,000 square
feet; opened in 2003; 50 associates);
Flint, North Bethesda, MD (259,000 square feet; opened in
1977; 158 associates);
of America, Bloomington, MN (233,000 square feet; opened in
1992; 127 associates).
Bloomingdale's Store Openings
planning to open one new store (previously announced) and one
announced, a new Bloomingdale's is planned to open in Glendale
Galleria in Glendale, CA (120,000 square feet; to open in fall
2013; approximately 175 associates).
In addition, the
company is announcing that an all-new Bloomingdale's will be
built in Stanford Shopping Center in Palo Alto, CA, to open in
spring 2014, subject to completion of a public approval process.
The new Stanford Shopping Center store will be built in a
smaller format similar to highly successful Bloomingdale's
stores opened in recent years in SoHo (New York), Chevy Chase,
MD, and Santa Monica, CA.
120,000-square-foot store in Palo Alto will replace an existing
Bloomingdale's of 229,000 square feet in the same shopping
center. The current Bloomingdale's will remain in operation
until the new store is constructed and opened. At that point,
the current store will be razed and replaced by new specialty
retail development by Simon Property Group, developer and
manager of the shopping center which is owned by Stanford
University. Bloomingdale's Stanford Shopping Center store
currently employs about 180 associates, and the company plans to
maintain a similar workforce in the new store when it opens.
Bloomingdale's formats offer a dynamic fashion presentation that
is edited to reflect the unique marketplace of customers they
serve. The new Stanford Shopping Center store is expected to
emphasize merchandise categories such as women's and men's
apparel, accessories, cosmetics, shoes and home.
In addition, five
new Bloomingdale's Outlet stores will open in 2012, each with
about 25,000 square feet and 35 associates:
Paragon Outlets Livermore Valley in Livermore, CA (to open
in fall 2012);
Merrimack Premium Outlets, Merrimack, NH (to open in spring
Gallery at Westbury Plaza, Westbury, NY (to open in fall
Shops at Park Lane, Dallas, TX (to open in spring 2012);
Paragon Outlets Grand Prairie in Grand Prairie, TX (to open
in summer 2012).
These new locations
will bring to 12 the total number of Bloomingdale's Outlets, a
new concept launched in fall 2010. Four were opened in 2010,
with another three added in 2011.
Outlets deliver a compelling combination of fashion, quality and
value in a convenient shopping environment. Each Bloomingdale's
Outlet store offers a range of apparel and accessories,
including women's ready-to-wear, men's, children's, women's
shoes, fashion accessories, jewelry, handbags and intimate
Once all of these
changes have been implemented, Bloomingdale's will have a total
of 38 full-line and home stores, as well as 12 Bloomingdale's
Outlet stores. Bloomingdale's also operates in Dubai under a
license agreement with Al Tayer Group LLC.
Macy's, Inc., with
corporate offices in Cincinnati and New York, is one of the
nation's premier retailers, with fiscal 2010 sales of $25
billion. The company operates about 850 department stores in 45
states, the District of Columbia, Guam and Puerto Rico under the
names of Macy's and Bloomingdale's, as well as the macys.com and
bloomingdales.com websites. The company also operates seven
Bloomingdale's Outlet stores.
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