Macy’s is closing 45 of its stores this year, including its Water Tower store on Chicago’s Magnificent Mile, as part of a previously announced initiative.
According to Placer.ai, despite being down year over year, Kohl’s stores are 2020 winners versus key rivals, particularly in the holiday season.
With the holiday shopping season winding down, Macy’s is promoting itself as a last-minute gift source with unique items across all price points via macys.com, mobile app or shopping in stores that are employing advanced safety and cleaning measures nationwide.
Klarna, the global payments and shopping service, has entered into a partnership with Macy’s that will allow customers who are checking out merchandise with the retailer online to pay in four equal, interest-free installments as part of an enhanced shopping experience.
Mall operator Simon Property is in talks with Amazon to occupy space exited by consolidating department store and mid-tier retailer chains such as J.C. Penney, according to a Wall Street Journal report.
Sarah Dipietro quickly gained a reputation as a creative partner after stepping into her role at Macy’s as omni buyer for dinnerware in mid-2018. Most recently, she took on the casual china department at the retailer as well and was noted for her swift and focused diligence amid the COVID pandemic. For these and other reasons, Dipietro has been named a 2020 HOMEWORLD BUSINESS Impact Merchant.
In the first quarter, Macy’s posted a big loss, but the company said recovery from COVID-19 pandemic-related shutdowns has been strong.
Macy’s is restructuring to align its cost base with anticipated near-term sales as the business recovers from the impact of the COVID-19 pandemic, including the closure of stores from March 18 through May 4, 2020 and gradual reopening.
Macy’s has secured new financing to shore up its business, while revealing that its preliminary sales and earnings results for the first quarter included a loss and lower sales, although it said e-commerce and reopened stores are performing well.
Looters broke into Macy’s flagship store in New York’s Herald Square on the night of June 1 in the aftermath of protests related to the death of George Floyd, and the company issued a brief statement on June 2 about how civil unrest has affected the company.
Vesa Equity Investment has acquired a 5% stake in Macy’s, with its purpose, according to a filing with the United States Security and Exchange Commission, “to engage in constructive discussions with the issuer’s management and/or board of directors, other stockholders of the issuer and other interested parties that may relate to the business, management, operations (including cost structure), assets, capitalization, financial condition, strategic plans, governance and board composition and the future of the issuer.”