You might not currently shop online, but with the way the so-called retailpocalype has been going, you eventually may have no choice.
Yet another major retailer, this time the storied department store chain Macy's, announced it would be shrinking its footprint across the country.
Cincinnati-based Macy's plans to shutter 125 stores over the next three years. The company did not release a list of stores that will be closing and did not respond to questions about whether the cuts would include the locations at the Southlake Mall in Hobart or the River Oaks Center in Calumet City.
The company said the cutbacks will save an estimated $1.5 billion a year by 2022 with $600 million in savings this year.
“We have a clear vision of where Macy’s, Inc. and our brands, Macy’s, Bloomingdale’s and Bluemercury, fit into retail today. We are confident in our Polaris strategy, and we have the resources required to return Macy’s, Inc. to sustainable, profitable growth,” said Jeff Gennette, Macy's chairman and CEO. “We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams. Over the past three years, we have shown we can grow the top-line; however, we have significant work to do to improve the bottom-line. We are confident the strategy we are announcing today will allow us to stabilize margin in 2020 and set the foundation for sustainable, profitable growth.”
Macy's also will close its headquarters in Cincinnati, where it has been based since 1994, and lay off 2,000 corporate workers. The cuts are intended to stabilize profitability and "position the company for growth."
“We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplicative work," Gennette said. "This will be a tough week for our team as we say goodbye to great colleagues and good friends. The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment."
Going forward, Macy's aims to strengthen customer relationships with more personalization and an expansion of its loyalty program. It also hopes to build four $1 billion fashion brands and accelerate online sales, which already generate more than $6 billion in revenue a year for the company.
Macy's said the 125 stores it will close will be its least productive and that it will reduce staffing in some of the remaining stores.
“Our customers expect convenience and a tailored experience across all channels. We have an opportunity to build a broader yet integrated Macy’s experience within a metropolitan area by investing in our magnet stores, building freestanding Backstage locations and testing new, off-mall store formats,” Gennette said. “The more convenient, brand-right touchpoints we have, the greater loyalty and engagement we engender. This will enable us to grow with the next generation of American shoppers.”
Here's a look at other stores that have closed in recent years:
Retailpocalypse: A look at businesses that are closing in the Region
Some have been calling 2017 the "retailpocalypse" because of the stunning number of brick-and-mortar stores that have been closing across the country. Retailers that are shuttering all or some of their stores in the Region and the south suburbs so far in 2017 include:
For years, people have wondered how Schererville can sustain so many mattress stores.
The Market at the former Strongbow Inn site at 2405 Morthland Drive in Valparaiso closed the restaurant portion and has been re-conceptualized…
A family owned jewelry store that's been a staple in downtown Valparaiso is closing after more than four decades of helping couples get engage…
Chuck Wheeler's Vienna Beef Red Hots, a Region institution for nearly six decades, has shuttered its outpost in the Southlake Mall food court,…
First Financial Bank and Chase Bank have both closed branches in Crown Point.
White Lodging is selling off nearly half of its hotels under management.
Firehouse Subs has closed in Schererville's Shops on Main after just four years.
A line of shoppers looking to take advantage of a liquidation sale wrapped around the interior of Tuesday Morning in the Highland Grove shoppi…
The Best Buy at 17151 Torrence Ave. in Lansing is closing after 24 years due to customers going to shop in lower-cost Northwest Indiana.
Northwest Indiana is losing a beloved local coffee shop that was part of many people's daily routine.Spill the Beans at 7992 Broadway in Merri…
Lake County's only Spanish restaurant is moving south from Merrillville to Crown Point.
Old Style Inn, a longtime staple of the downtown Valparaiso dining scene across from the Porter County Courthouse, has served its last slice o…
Seafood lovers may become crabby after learning that Joe's Crab Shack abruptly closed in Hobart after 20 years.
Another longtime Region brand is poised to disappear, and a dozen stores will close in the process.
Lynn's Furniture & Mattress is putting to rest its store at 709 U.S. 41 in Schererville.
Bankrupt wholesaler Central Grocers plans to close the recently renovated Ultra Foods in Highland and Kankakee, Illinois, after failing to fin…
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