Sales have been falling for the last six quarters at Macy’s, the steady drip-drip further evidence that the tides of shopping habits are shifting to digital. Now the iconic retailer says it will close 100 stores in early 2017, or roughly 14% of its brick-and-mortar footprint, and invest in online operations.
“We operate in a fast-changing world,” chairman and CEO Terry Lundgren said in a statement. “This involves doing things differently and making tough decisions.” He did not indicate which locations would shutter.
Kohl’s, Nordstrom, and other department stores are also struggling to grow, as lackluster economic growth and cheap online options deter potential shoppers.
[Photo: Flickr user Mr Hicks46]