Macy's Closing More Stores, 16 MD Locations Threatened

MARYLAND — 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 16 Macy's stores in Maryland.

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. The Macy's location at The Centre at Salisbury is 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 16 stores in Maryland, including locations in Baltimore, Annapolis, Bel Air, Towson, Bethesda, 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 Maryland include:

• Annapolis Mall, 1295 Annapolis Mall Floor 2, Annapolis
• Harford Mall, 600 Baltimore Pike, Bel Air
• Marley Station, 7900 Ritchie Hwy Ste. B1, Glen Burnie
• Bowie Town Center, 15300 Emerald Way, Bowie,
• Mall of Columbia, 10300 Little Patuxent Pkwy Ste Hc, Columbia
• Prince George's Plaza, 3500 East West Hwy Ste 1100, Hyattsville
• Security Square Mall, 6901 Security Blvd Ste 871, Baltimore
• Marlow Heights, 4101 Branch Ave, Marlow Heights in Prince George's County
• Westfield Wheaton Mall, 11160 Viers Mill Road, Wheaton
• White Marsh, 8200 Perry Hall Blvd Ste. 2300, Nottingham
• Towson Town Center, 813 Dulaney Valley Rd, Towson

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.

On Thursday, Sears representatives confirmed the chain will close three stores in Maryland, in Annapolis, Baltimore and Waldorf,

Chains that are closing Maryland stores include Pier 1 Imports, Bed Bath & Beyond, Papyrus, Sears, A.C. Moore, Kmart, A.C. Moore, 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.

RELATED:

• Maryland Chain Retailers That Closed Stores In 2019
• Sears To Close 3 More Stores In Maryland