Friday, December 28, 2007

Happy New Year, Macy's Style

Today, Macy's (M) announced they are closing nine underperforming stores, citing declining sales with no identifiable growth opportunities.

The store are located at: Washington Square, Indianapolis, IN; Prien Lake Mall, Lake Charles, LA; Rolling Acres Mall, Akron, OH; Canton Centre, Canton, OH; Randall Park Mall, North Randall, OH; Crossroads Mall, Oklahoma City, OK; Valley View Center, Dallas, TX; Sharpstown Center, Houston, TX; Family Center at Riverdale, Riverdale, UT.

This is just lousy. They could not wait a week? It is especially repugnant when just a few weeks ago Chief Executive Terry Lundgren said, "We always go through the normal process of pruning our real estate portfolio, but there are no plans for a wide-scale closure of stores."


On another note, retail is must suffering currently. This will make the results Wal-Mart (WMT) turns in Jan. 10th even more impressive.

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