FinancialsMay 20, 2025
QVC Group to Voluntarily Delist from NasdaqThe company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.
MajorsAug 12, 2016
Macy’s to Close 14% of Its Stores in 2017
The retailer currently has 728 stores, including 675 full-line locations, and said it will shutter 100 of them next year.
For a number of the 100 stores Macy’s is closing next year, their real estate value exceeds their value as a retail store, the company said. Pictured here is the Macy’s at The Mall at Millenia in Orlando, Fla.
New York--Macy’s Inc. is continuing to shed stores, announcing Thursday that it will close 100 of its 728 locations early next year, or about 14 percent of its retail fleet.
The 100 stores are all full-line (non-outlet) Macy’s locations and most of them will close in early 2017.
The retailer said the locations of the 100 stores will be announced later, once the company makes final decisions, and that employees at those stores will be notified before the information is released to the public.
Macy’s has struggled in recent quarters, finishing 2015 with a 5 percent drop in same-store sales in November and December and announcing that it would lay off thousands of workers. It also recently closed 41 stores.
Going forward, the retailer wants to position itself as “America’s preferred omnichannel shopping destination,” and said it will sink capital into its digital businesses and best-performing stores while shedding physical locations where sales are lagging.
Part of the plan for improving the in-store shopping experience, Macy’s said, is to accentuate “high-potential businesses, such as fine jewelry.”
The retailer already has begun rolling out renovated fine jewelry departments.
“The announcements we are making today represent an advancement in our thinking on the role of stores, the quality of the shopping experience we will deliver, and how and where we reinvest in our business for growth,” said Macy’s President Jeff Gennette, who will take over for outgoing CEO Terry Lundgren next year.
He also said, “We believe that this reduction of 100 locations in the short term will result in a more appropriate store portfolio for Macy’s in the longer term and help us to accelerate our progress in building a vibrant omnichannel brand experience.”
Over the past six years, Macy’s has opened 19 stores, including six off-price locations, and closed 90, meaning its physical footprint has shrunk by net 71 stores.
Another way to look at it: Back in 2010, Macy’s had 799 stores. By the time the most recent round of closures is complete, it will have 628 stores, a 20 percent reduction in its physical footprint.
Also on Thursday, Macy’s released its results for the quarter ended July 30.
Same-store sales on an owned plus licensed basis fell 2 percent while total sales were down 4 percent, from $6.10 billion to $5.87 billion. The closing of 41 Macy’s stores in fiscal 2015 impacted the company’s total sales results.
Year-to-date, comps are down 4 percent and total sales have slipped 6 percent.
More on Majors
The Latest
ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeCommunicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 YearsThe “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth LocationThe retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern WorldSapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With DisabilitiesAround 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
