Mahalo for supporting Honolulu Star-Advertiser. Enjoy this free story!
Macy’s Inc. said Tuesday that approximately 125 of its least productive stores will close within three years as part of its three-year strategy to stabilize profitability and position the company for growth.
No closures have yet been announced for any of its 11 locations in Hawaii for 2020. In January it announced that its King’s Shops location in Waikoloa Village on Hawaii island was shutting down.
“We do not have anything to share at this time,” company spokeswoman Emily Workman told the Honolulu Star-Advertiser in an email response to questions of potential closures in Hawaii.
A King’s Shops spokeswoman said Jan. 31 was the last day for the Macy’s store there.
The store closures represent about one-fifth of Macy’s current total. They include about 30 that are closing and account for $1.4 billion in annual sales. The 125 stores will be in “lower tier” malls, Macy’s said, highlighting the widening chasm between America’s best and worst malls as a variety of chains trim their store portfolios in the digital age.
Macy’s, which also owns Bloomingdale’s, didn’t specify how many jobs would be lost at the shuttered stores.
Corporate jobs will be shed as Macy’s closes its offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters. Macy’s said the 2,000 jobs to be lost account for about 9% of its corporate workforce.
Overall, Macy’s currently employs about 130,000 people.
Macy’s is also testing a new, smaller-store format that’s located at a strip center instead of a mall. The store will feature a mixture of Macy’s merchandise and local goods as well as food and beverage options. It will open its first so-called Market by Macy’s in Dallas on Thursday.
Star-Advertiser reporter Leila Fujimori and The Associated Press contributed to this story.
74