Macy's Closing More Stores, 48 Florida Locations At Risk

FLORIDA — Macy's said it plans to close 125 stores over the next three years, representing a fifth of the retail giant's locations, according to a report. Tuesday's news comes on the heels of a similar announcement made in January when the company said it would close at least 28 stores.

While it was unknown which locations will be shuttered in this latest round of closings, the news could impact some of the 48 Macy's stores in Florida.

Macy's officials told the Wall Street Journal the final list of locations could change based on market conditions and the performance of the malls where the stores are located.

The department store chain is closing at least 28 stores in the next couple months, according to a January report. Four Macy's locations at Pompano Beach, Sanford, Vero Beach and Miami are expected to close in the first part of 2020.

The company also plans to cut jobs — about 2,000 corporate positions, or 10 percent of corporate and support staff — and close several offices. Among the closures will be the company's second headquarters in Cincinnati, Ohio, along with a move to locate all headquarters roles in New York City.

Macy's currently operates 48 stores in Florida, including locations in Miami, Sarasota, St. Petersburg, Tampa, and more.

The closings are part of a strategy to overhaul the 161-year-old retail giant, which has closed dozens of underperforming stores in the past four years, many of them in shopping malls, as it invests more in its most lucrative properties, the Washington Post reports.

While the restructuring will likely cost the company $480 million, Macy's expects to save $1.5 billion annually by the end of 2022. The company told the Wall Street Journal it plans to test a new concept that will take stores out of malls by opening smaller stores in strip centers.

In August 2016, Macy's said it would close 100 stores. Since that announcement, the retail chain has been closing locations as their leases expire.

Macy's locations in Florida include:

• Altamonte Springs
• Aventura
• Boca Raton
• Boynton Beach
• Brandon
• Clearwater
• Coral Springs
• Cutler Bay
• Daytona Beach
• Doral
• Fort Lauderdale
• Fort Myers
• Hialeah
• Jensen Beach
• Melbourne
• Merritt Island
• Miami
• Miami Beach
• Naples
• Ocala
• Orlando
• Palm Beach Gardens
• Pembroke Pines
• Plantation
• Pompano Beach
• Port Charlotte
• Sanford
• Sarasota
• St Petersburg
• Tallahassee
• Tampa
• Vero Beach
• Wellington
• Wesley Chapel
• Winter Haven

Macy's is part of a growing list of brick-and-mortar establishments that have seen a nosedive in revenue and popularity with the emergence of e-commerce companies such as Amazon and Walmart.

Chains that are closing Florida stores include Pier 1 Imports, Bed Bath & Beyond, Papyrus, Gap, Motherhood Maternity, Dressbarn and more.

A record 9,300-plus store closings were announced in 2019, and that number could be even higher in 2020, according to a report by Business Insider.

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