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Florida mall owners in limbo as Macy’s closes 150 stores

  • By Louis Llovio
  • | 3:15 p.m. February 27, 2024
  • | 2 Free Articles Remaining!
Macy's plans to close 150 stores.
Macy's plans to close 150 stores.
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  • Florida
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Retail giant Macy’s is closing 150 stores in the next two years, but it is not clear yet how many of the chain’s 11 stores along the Gulf Coast will be affected.

The company announced the closings Tuesday when it unveiled what it calls a “bold new chapter.” It did not, however, immediately disclose what stores would shut down and did not respond to a request for list of stores that are slated to close.

The company, which said 50 of the stores would shut down before the end of the year, described the stores facing closure as “underproductive locations.”

Macy’s, according to its website, has 41 stores in Florida. Of those, 11 are along the Gulf Coast and mostly sit in malls, some of which already have empty anchor spaces once occupied by retailers Dillard’s and Sears.

In the city of Tampa, there are two in shopping centers — Westshore Plaza and Citrus Park Town Center — that are already struggling with tenancy and can ill afford losing another anchor. One has to think other older, traditional malls similar to these around the state and country are also worried about their futures as they await news of Macy’s plans.

Along with closing of the underperforming stores, the plan that Macy’s announced Tuesday calls for a strengthening of its brand, growth of its luxury offerings and a modernization of its supply chain. It will also shift its attention to its remaining 350 stores and expanding smaller-format locations.

Macy’s also says it will open about 15 Bloomingdale’s stores and “at least” 30 new Bluemercury stores, a luxury beauty retailer, along with remodeling another 30 Bluemercury locations in the next three years.

There currently are three Bluemercury stores along the Gulf Coast — one each in Manatee County, Sarasota and Tampa — and 11 Bloomingdale’s in the state.

In the statement, Macy’s CEO Tony Spring say the A Bold New Chapter plan “challenges the status quo to create a more modern Macy’s Inc.”

“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value.”

Macy’s also announced its fourth-quarter earnings on Tuesday. 

According to the earnings statement, net sales were down 1.7% from the same period last year to $8.1 billion. Digital sales were down 4%, and sales at brick-and-more stores remained flat. The news comes a few days after Tampa-based Bloomin' Brands announced it would be closing 41 underperforming stores.



Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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