Macy Stores Losing Physical Traffic; Closing 68 Stores; 10K Jobs Go Bye-Bye!

Macy Stores Losing Physical Traffic; Closing 68 Stores; 10K Jobs Go Bye-Bye!
While we are pleased with the strong performance of our highly developed online business, we continue to experience declining traffic in our stores

I would say that Macy’s is still feeling the effects of what they did to President-elect Donald Trump last year.

Last year, Macy’s dropped the Donald Trump clothing line from the store. Trump decided to boycott the store publicly and told supporters to tear up their Macy’s cards.

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Macy’s took the liberal media bait and turned against Trump so anyone living and has common sense would have expected the presidential candidate to respond the way he did but Macy’s never thought Trump supporters had so much clout.

From Daily Caller:

Macy’s announced plans to close 68 stores and cut more than 10,000 jobs Wednesday, foreshadowing things to come for the brick and mortar retail industry in 2017.

The company expects the closings and layoffs to generate annual expense savings of approximately $550 million in 2017. Macy’s plans to invest an additional $250 million in growing the retailer’s digital business as well as investments in Macy’s China.

While we are pleased with the strong performance of our highly developed online business, we continue to experience declining traffic in our stores where the majority of our business is still transacted,” Terry Lundgren, chairman and CEO of Macy’s, said in a press release.

Lundgren said the company will continue to evolve as customer behavior changes. The classic American retailer still conducts a majority of its business in physical stores, but said it is increasingly focused on growing its online presence, in-store experience and mobile-enabled shopping.

I guess they are using the online business model these days as a way to stay relevant, but when that stops over the next couple of years, Macy’s will sooner or later apologize.

Do you think Macy’s should apologize to Trump before they have to shut down all operations?

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