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Macy's announced this week that they are closing 150 stores nationwide. This is another achievement for Joe Biden that this is happening under his watch.
Bidenomics isn't working out well for retailers — or customers.
From WECT News:
Macy's to close 150 stores in 3 years as sales slip
Macy's will close 150 unproductive name stores over the next three years, 50 of which will close by year's end, the department store operator said Tuesday, after reporting a fourth-quarter loss and falling sales.
As part of the strategy, Macy's aims to upgrade its remaining 350 stores, with plans to add more salespeople in fitting areas and shoe departments, while adding more visual displays such as mannequins. Also, the company signaled a pivot toward luxury, which has performed better overall. It said it would open 15 of its own upscale Bloomingdale's stores and 30 luxury Bluemercury Cosmetics locations.
Macy's stores will shed 25% of total 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 employees say rampant theft is to blame for store closures
“It happens every day,” said employee Steve DeLise.
While hanging up blazers in the sixth-floor men's department at Macy's, Dalisay said blazers, wallets and boxer briefs are the most frequently stolen items from his department. He said thieves take away at least four blazers each day, adding that he typically sees about 10 wallets and 20 briefs stolen per day…
In the women's department on the fourth floor, another employee who has been working at the Union Square Macy's for more than 10 years insisted that theft and low sales were the driving forces behind the closure.
“It's theft, and people are not coming in,” said the employee, who did not want to be identified because employees are not allowed to talk to reporters. “Basically, the same thing that happened to Nordstrom is happening to us.”
In this video, Mayor London Breed flatly denies that theft was a problem.
If San Francisco continues on this path it should grow to be a ghost city.