Macy's to shutter historic downtown Miami store amid rash of closures

Management updated analysts and investors this past November, saying Macy's would continue to explore opportunities with Brookfield Asset Management on about 50 properties, including the department store chain's flagship Herald Square location in NY.

The exact closing date is unclear at this time. "A healthy store base combined with robust digital capabilities is Macy's recipe for success", said Macy's CEO Jeff Gennette.

"We deeply appreciate the loyalty of our customers and associates and remain committed to the greater Cincinnati area". Though construction of the mall's overall expansion has begun, Mall sources previously told the Advance that the Macy's store addition was never set in stone, but more likely "allowed" within the overall redesign plan for the Mall. It now expects that figure to decline between 2.4 percent and 2.7 percent for the year.


Macy's said fine jewelry, apparel, shoes and coats were among its top performing categories while beauty products "showed a marked improvement ... with particular strength in fragrance, prestige skincare and cosmetic gifting".

Many analysts were unimpressed with the 1% increase considering Macy's dismal 2016 season which would make comparisons easier to beat, as well as the overall strong holiday season for retailers at large: retail sales in the USA rose 4.9% between November 1 and December 24, their best result since, 2011, according to Mastercard SpendingPulse. Macy's said changes in the corporate tax rate will require it to "re-measure deferred tax balances in in fiscal 2017", resulting in "a non-cash tax benefit of approximately $550 million to $650 million".

Yet despite the numbers, Macy's stock fell sharply in the morning after rising initially, slipping 7%.


Macy's has announced the closing of 11 of its stores.

The company announced six new store closures Thursday, bringing to 81 the total number closed since August 2016. They include locations in Florida, California, Indiana, Michigan, Ohio and Vermont.


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