TOLEDO, Ohio — In an earnings call presentation on Wednesday, retailer Macy's revealed that the company has increased the number of locations it plans to close as part of its strategy to revive the business, with about 65 locations on the chopping block soon instead of 50.
The move is part of the "Bold New Chapter" strategy announced in February, which will see 150 underperforming locations shuttered over three years. The list of locations has not been publicly disclosed.
Though the list of locations was not made publicly available during the earnings call, CEO Tony Spring said the would be 65 locations expected to close after the holiday.
"Rounding out the discussion on Macy's, we're encouraged by the pace and economics of our non-go-forward store deals. We now expect to close roughly 65 locations this year. In line with our typical cadence, closures will occur post-holiday."
WTOL 11 reached out to the Franklin Park Mall officials to see if they had any insight on the Macy's plan and they directed us to the local store manager. Multiple calls to the number provided went unanswered with no opportunity to leave a message. WTOL 11 will continue to reach out for comment.
The Toledo area has a Macy's location at Franklin Park Mall, and Ohio itself is steeped in Macy's history. Cincinnati was once home to the Macy's headquarters, which is now in New York City. And Macy's itself was formed out of a holding company called Federated Department Stores, which initially bought up F&R Lazarus in Columbus and Shillito's in Cincinnati.
As of the beginning of 2024, there were 18 Macy's locations left in Ohio. Macy's stores in current operation in Ohio are:
- Summit Mall, 3265 W Market St., Akron.
- Fairfield Commons, 2727 Fairfield Commons Blvd., Beavercreek.
- Belden Village Mall, 4300 Belden Village Mall, Canton.
- Macy's Dayton, 2700 Miamisburg Centerville Road, Centerville.
- Macy's Dayton Furniture Clearance, 2700 Miamisburg Centerville Road, Centerville.
- Anderson Towne Center, 7440 Beechmont Ave., Cincinnati.
- Kenwood Furniture and Mattress Gallery, 7800 Montgomery Road, Cincinnati.
- Kenwood Towne Center, 7875 Montgomery Road, Cincinnati.
- Polaris Fashion Place, 1300 Polaris Parkway, Columbus.
- Easton Town Center, 4141 Easton Loop E., Columbus.
- Macy's Tuttle Crossing, 5123 Tuttle Crossing Blvd., Dublin.
- Macy's Tuttle Furniture and Mattress Gallery, 5700 Britton Parkway, Dublin.
- Eastwood Mall, 5403 Youngstown Warren Road, Niles.
- Great Northern, 25801 Brookpark Road, North Olmsted.
- Southpark Center, 17447 Southpark Center, Strongsville.
- Franklin Park Mall, 5001 Monroe St., Toledo.
- University Heights Square, 2201 Warrensville Center Road, University Heights.
- Southern Park Mall, 7401 Market St., Youngstown.
While the "Bold New Chapter" strategy calls for 150 stores to be shuttered, Macy's also revealed back in February that upgrades were planned for 350 stores, with plans to add more salespeople to fitting areas and shoe departments, while adding more visual displays like mannequins. At the same time, the company signaled a pivot to luxury, which has fared better overall.
During Wednesday's earnings report, Macy's reported fiscal third-quarter net income of $28 million.
The company said it had profit of 10 cents per share. Earnings, adjusted for one-time gains and costs, were 4 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
Macy's expects full-year earnings in the range of $2.25 to $2.50 per share, with revenue in the range of $22.3 billion to $22.5 billion.
Information from The Associated Press was used in this report.
