Macy’s sees some improvement but still closing nearly 30 stores

Macy’s is closing nearly 30 stores in coming weeks, though the company reported some improvement in comparable-stores sales during the crucial holiday shopping season.

The company did not identify specific stores that will be closed, however, a list compiled by Business Insider said the only Macy’s in Indiana selected for closure is one in the Muncie Mall in Muncie.

Macy’s has two stores in the Indianapolis area: at Castleton Square Mall and Greenwood Park Mall. Macy’s closed its store at Glendale Town Center in the spring.

Macy’s sales at stores opened at least a year fell 0.6% during the November and December period, which was not as bad as most industry analysts had anticipated. Shares rose more than 2% in early trading Wednesday.

Strong online sales boosted results.

Like other department stores, Macy’s is struggling to adapt to a shift online by customers, and also intense competition from off-price discounters like T.J. Maxx.

Macy’s has pursued a number of strategies as a way to get shoppers back. That includes expanding an off-price concept at its Macy’s stores called Backstage. It also recently teamed up with resale site ThredUp. The company’s Bloomingdale’s division has recently launched a clothing rental service.

The company said it will provide an update on its growth strategy and three-year plan at its annual meeting with investors on Feb. 5.

In an email to The Associated Press, Macy’s said the store closures include 28 Macy’s locations and one Bloomingdale’s store. It was unclear how that would effect employees at those stores.

In November, Macy’s cut its annual profit and sales expectations after posting a steeper-than-expected 3.5% drop in same-store sales for the third quarter.

It marked Macy’s first quarterly comparable store sales decline in almost two years.

Please enable JavaScript to view this content.

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.