How Macy’s Is Contending With Fewer Sears and J.C. Penney Stores in Malls [Fortune]
Macy's Inc (M)
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Source: Fortune
With Sears (shld) now in bankruptcy protection and J.C. Penney (jcp) struggling again, Macy’s (m) is being forced to rethink how it operates its stores in the malls it co-anchors with those rivals. Sears filed for bankruptcy protection last month, announcing yet another round of store closings en masse, and Bon-Ton liquidated earlier this year, while Penney is struggling to tread water despite shuttering 140 weak stores in 2017. The malls that those chains left but where Macy’s still has a store have practically become ghost towns: while counterintuitive, the disappearance of rival retailers that anchor a mall hurts Macy’s since it means less overall shopper traffic. To address that problem, Macy’s on Wednesday said it was creating a three-tier classification of its 600-plus stores that determines how much investment they will get. Stores in weak malls and centers where Macy’s is the last department store standing will typically be part of the subset designa
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