Macy's to Close Nine Stores
January 7, 2008,
Macy's identified nine underperforming stores that it intends to close in early 2008:
Prien Lake Mall — Lake Charles, La. (116,000 square feet; opened in 2003);
Rolling Acres Mall — Akron, Ohio (103,000 square feet; opened in 1978);
Canton Centre — Canton, Ohio (120,000 square feet; opened in 1968);
Randall Park Mall — North Randall, Ohio (184,000 square feet; in 1976);
Crossroads Mall — Oklahoma City (153,000 square feet; opened in 1986);
Valley View Center — Dallas (300,000 square feet; opened in 1973);
Sharpstown Center — Houston (308,000 square feet; opened in 1961);
Family Center at Riverdale —Riverdale, Utah (140,000 square feet; opened in 2003).
Final clearance sales will begin within the next several weeks.
"While the decision to close stores is difficult, it is necessary that we do so selectively in locations with declining sales and where we have been unable to identify sufficient growth opportunities," said Terry Lundgren, chairman, president and ceo of Macy's, Inc.
The company opened 10 new stores and one furniture gallery in 2007. In 2008, the $26.5 billion retailer expects to open five stores, with six to eight new locations currently planned for 2009.
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