Macy’s announced this week that they are closing 150 stores across the country. It’s just another feather in Joe Biden’s cap that this is happening on his watch.
Bidenomics is not working out well for retailers – or customers.
From WECT News:
Macy’s to close 150 stores over 3 years as sales slip
Macy’s will close 150 unproductive namesake stores over the next three years including 50 by year-end, the department store operator said Tuesday after posting a fourth-quarter loss and declining sales.
As part of the strategy, Macy’s aims to upgrade its remaining 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. It said it would open 15 of its higher end Bloomingdale’s stores and 30 of its luxury Bluemercury cosmetics locations.
The Macy’s stores set to close account for 25% of overall square footage but less than 10% of its sales, the company said.
In San Francisco, the flagship store is closing and as usual, theft was a big reason.
From the San Francisco Standard:
Macy’s Union Square workers say rampant shoplifting to blame for closure
“It happens every day,” employee Steve Dalisay said.
Hanging up blazers in the Macy’s sixth-floor men’s department, Dalisay said blazers, wallets and boxer briefs are the items most frequently stolen from his department. He said thieves take at least four blazers every day, adding that he typically sees about 10 wallets and 20 briefs stolen daily…
In the fourth-floor women’s department, another employee who has been working at the Union Square Macy’s for more than 10 years insisted that theft and lower sales were the driving forces behind the closure.
“It’s the theft, and that people aren’t coming in,” said the worker, who did not want to be identified because employees aren’t allowed to speak to reporters. “Basically, the same thing that happened to the Nordstrom is happening to us.”
In this video, Mayor London Breed flat out denies that theft was a problem.
San Francisco is going to be a ghost town if it continues down this road.