Macy's announced this week that it will close 150 stores across the country. It's just another feather in Joe Biden's cap that this is happening on his watch.
The Biden economy is not working out well for retailers — or customers.
From WECT News:
Macy's closes 150 stores over 3 years as sales decline
Macy's will close 150 non-namesake stores over the next three years, including 50 stores by the end of the year, the department store operator said Tuesday after reporting a fourth-quarter loss and declining sales.
As part of the strategy, Macy's aims to upgrade its remaining 350 stores, with plans to add more salespeople to fitting areas and shoe departments, while adding more visual displays such as mannequins. At the same time, the company signaled its shift into luxury, which has generally performed better. It said it will open 15 upscale Bloomingdale's stores and 30 upscale Bluemercury beauty locations.
The Macy's stores scheduled to close represent 25% of its total square footage but less than 10% of its sales, the company said.
In San Francisco, the main store is closing and as usual, theft was a big reason.
From San Francisco Standard:
Macy's Union Square workers say rampant shoplifting is to blame for the closure
“This happens every day,” employee Steve Dalisay said.
Hanging jackets in the men's section on the sixth floor of the Macy's, Dalisay said jackets, wallets and underwear are the most frequently stolen items from his section. Thieves steal at least four jackets every day, he said, adding that he usually sees about 10 wallets and 20 briefs stolen daily…
In the women's department on the fourth floor, another employee who has worked at the Union Square Macy's for more than 10 years insisted that theft and declining sales were the driving forces behind the closing.
“It's theft, and people don't get in,” said the worker, who did not want to reveal his identity because employees are not allowed to speak to reporters. “Basically, the same thing that happened to Nordstrom is happening to us.”
In this video, Mayor London Breed flatly denies that theft was a problem.
San Francisco will become a ghost town if it continues on this path.
