Macy’s is closing 10 stores in the New York-New Jersey area, including its historic Fulton Street location, as part of a restructuring effort to turn a profit. The company has struggled to adapt its department store business model to online retail, with investors suspecting that the value of its real estate is worth more than its retail business.
The Fulton Street store, which Macy’s acquired in 1994, was once a flagship location for the Abraham & Straus department stores. However, the company has faced significant challenges in recent years. In December, Macy’s sold its Brooklyn location to investors who plan to convert it into an experience-driven retail space.
Macy’s announced closures of 66 stores across the country, including locations in Sheepshead Bay, Elmhurst, Staten Island, the Bronx, Rochester, Nassau, and Orange, New Jersey. The company did not provide information on what would happen to workers at these stores.
In a statement, Macy’s Chairman and CEO Tony Spring said that closing underproductive stores allows the company to focus resources on its remaining locations, where customers are responding positively to improved product offerings and service.
Macy’s plans to close around 150 stores over the next three years. Elected officials have expressed concern about the impact of these closures on shoppers and workers, with one councilmember calling it a “sad day” for Brooklynites who have made memories at the iconic Macy’s Fulton Street location.
Source: https://gothamist.com/news/macys-brooklyn-store-once-an-iconic-abraham-straus-is-closing