CINCINNATI and PLANO, TX—Add Macy’s Inc. and JCPenney to the list of national retailers planning to close underperforming locations this year. Between them, the two chains on Thursday announced a total of 53 closures, including 39 for Penney, which earlier in the week had reported a 3.7% year-over-year increase in same-store sales during the holiday season.
Macy’s, which also reported low-single-digit Y-O-Y gains in holiday sales, said Thursday it would reinvest an estimated $140 million in savings from the store closings and other operational changes. Technology, talent and business development will be funded through the cost savings, Macy’s said, as the Cincinnati-based retailer continues pursuing an omnichannel strategy.
Among other initiatives it’s taking in 2015, Macy’s is considering the establishment of an off-price business. Although the off-price scenario still in the early stages of planning, the company believes that its “omnichannel infrastructure and insight could lead to
http://www.globest.com/news/12_1022/national/retail/Macys-Penney-Slate-Dozens-of-Closings-354174.html
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