You May Not Get to Do Your Holiday Shopping at This Beloved Store
As coronavirus cases surge again, this company could be facing temporary store closures.
As the year winds down, people around the country are gearing up to get their holiday shopping in order. Unfortunately, the coronavirus pandemic has made that task all the more difficult. Reduced store hours, capacity, and other restrictions have caused this year's shopping season to look a lot different. And now, you may not even get to do your holiday shopping at one of the most beloved department stores: Macy's has announced that they may be temporarily closing more stores as the virus surges again this winter. Read on for more about this decision, and for other COVID mitigation measures, This Popular Store Just Instituted a Strict New Mask Rule.
In a post-earnings call on Nov. 19, Macy's CEO Jeff Gennette revealed that the retailer could be looking at more temporary store closures over the next month, according to CNBC.
"COVID is surging again across the country. And that continues to impede our recovery, in international tourism and urban areas. And the supply chains have opened up, yet problems remain," he said.
Simon Property Group, the biggest mall owner in America, said it was asked to close its Cielo Vista Mall—which includes a Macy's location—in El Paso, Texas, at the beginning of November. Unfortunately this closure came just after the mall owner had finally reopened all of its temporarily closed properties on Oct. 7, per CNBC.
This means that more temporary mall shutdowns may be on the horizon thanks to nationwide COVID spikes, which is a worry for Macy's. After all, the retailer is the number one tenant for U.S. malls. According to a May CoStar report, Macy's occupies the largest share of mall space in the country at 6.2 percent.
Like many other retailers, Macy's was forced to temporarily close stores across the country in March and April as nonessential businesses were ordered to shut down by many states and cities. This hit the company hard. According to Macy's third-quarter earnings report, in-store sales fell by 20 percent and overall sales decreased by more than 1 billion from the same time last year.
Gennette said Macy's flagships stores, like its Herald Square location in New York City, have been hit the hardest over the past month due to a lack of tourists and office workers shopping during lunch breaks and after work.
But executives are trying to push back against more "nonessential" temporary closures. Gennette said that the company is ready to adapt and work through challenges "no matter what comes [their] way," while also noting that Macy's is working with retail trade groups to push back against the re-closure of stores deemed nonessential.
"We don't believe the designation of essential and non-essential should play in retail," he said. "We believe you're either a safe environment or not."
And while Macy's may be in jeopardy, some companies have already had to shutter stores completely. Keep reading for stores that are facing permanent closures, and for help saving, learn The One Shopping Habit That's Making You Spend More Money.
You may need to look elsewhere for trendy fashion and accessory gifts this year. As a result of the pandemic, Francesca's announced on Nov. 16 that it would be closing 140 of its stores by the end of January. And for essential shopping tips, check out these Sneaky Ways Retailers Are Tricking You to Overspend Right Now.
Naturalizer has been in the footwear game for nearly 100 years, but it's closing most of its stores after a challenging year. Caleres Inc., the store's parent company, announced that it's closing 133 Naturalizer stores in the U.S. and Canada. By the end of the fiscal year, only two Naturalizer stores will remain in this country. And if you're wondering where you should do your holiday shopping, This Store Has the Biggest Black Friday Discounts, Experts Say.
Justice's parent company, Ascena Retail Group Inc., announced that all of the tween stores would close by early 2021. This is after they had already closed around 600 of Justice's 800 stores across the U.S. in August of this year. And for more up-to-date information, sign up for our daily newsletter.
This quirky Danish store announced in October that it would be closing all of its U.S. locations by the end of the year. Although Flying Tiger only had 13 locations in the country, it had a cult-like following in the U.S., and has more than 950 stores across the globe. And for more stores that might be disappearing soon, This Legendary Store Just Announced It's Filing for Bankruptcy.