Vermont Business Magazine Mayor Miro Weinberger released the following statement Wednesday in response to news of the upcoming closure of Macy’s department store expected in March 2018. Macy's is expected to announce Thursday that the Burlington location is part of the iconic department store chain's closure of 100 stores nationwide. It also owns Bloomingdale's. The Macy's location is not technically part of the $225 million redevelopment of the Burlington Town Center mall off Church Street, as it has a different property owner. It is the only Macy's in Vermont.
Mayor Weinberger: “Macy’s plan to close its Burlington store will affect many families within our community, and the City is focused on doing everything it can to help impacted workers transition to new jobs. Fortunately, this announcement comes at a time when the local economy has many opportunities, and the City will work with the State and in particular the Department of Labor in the weeks ahead to organize job fairs and publicize retraining programs to increase access to those opportunities for Macy’s workers.
“It has been clear for years from the national retail trends and Macy’s recent closures of about 100 stores in other cities that today’s news was a real possibility for us in Burlington. In preparation for news like this, the City has been working proactively with the support of voters to keep the downtown healthy by beginning the transition from a suburban-style mall to a mixed-use neighborhood.
“The new mixed-use neighborhood already under construction adjacent to the Macy’s site will create 1,200 permanent jobs over the next couple of years and will ensure the longevity and economic vitality of Burlington’s downtown even as retail continues to evolve. The downtown Burlington of the future will be even more vibrant, equitable, and full of opportunity than ever.”
Macy's spokesperson Emily Hawkis said in a statement Thusday: "Macy’s, Inc. has been reviewing its real estate portfolio across the country to see if there are opportunities to improve the use of our assets. After careful consideration, Macy’s has decided to close the Burlington Town Center store in March. This store closure is part of the 100 planned store closures announced in August 2016.
"Macy’s shared this information with store associates yesterday, because they are important to our organization and we wanted to make sure they heard about this change from the company. Regular, non-seasonal employees who we are unable to place at nearby locations will be eligible for severance, including outplacement resources.
"While closing a store is always a difficult decision because of the impact on our customers, our associates and the community, Macy’s is delighted to have served this community over the years. We deeply appreciate the loyalty of our customers and associates, and look forward to continuing to serve our customers at macys.com and on the Macy's app."
The latest store closings bring them to 81 as part of Macy's plan to reach 100. Macy's said the $300 million savings from these new store closures will be reinvested in the company.
New Macy's closures:
Laguna Hills Mall, Laguna Hills, CA
Westside Pavilion, Los Angeles, CA
Novato (Furniture), Novato, CA
Stonestown Galleria, San Francisco, CA
The Oaks, Gainesville, FL
Miami (Downtown), Miami, FL
Magic Valley Mall, Twin Falls, ID
Honey Creek Mall, Terre Haute, IN
Birchwood Mall, Fort Gratiot Township, MI
Fountain Place, Cincinnati, OH
Burlington Town Center, Burlington, VT
The Cincinnati-based company also said it intends to close approximately 19 additional stores as leases or operating covenants expire or sale transactions are completed. These closures are part of a multi-year effort by the company to ensure the optimal mix of brick & mortar stores and digital footprint. Including the stores announced today, Macy’s, Inc. has closed 124 stores since 2015.
Macy’s, Inc (NYSE:M) also today announced that its comparable sales on an owned basis increased 1.0 percent in the months of November and December 2017 combined, compared to the same period last year. On an owned plus licensed basis, comparable sales increased 1.1 percent in the combined November/December period.
A tsunami of store closings is about to hit the US — and it's expected to eclipse the retail carnage of 2017
Source: Mayor 1.3.2017