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I just KNEW this store was going to be on the list when Macy's announced that they would be closing 100 stores. Northgate Mall has been declining ever since Belk closed their location there back in 2004. If I were the Rand family, I would be making redevelopment plans for the mall, because Sears (the only anchor left once Macy's closes) isn't long for the world, either.
When Macy's acquired Hecht's in 2006, it had the following stores:
Fayetteville - 1 (Cross Creek Mall)
Greensboro - 2 (Bridford Parkway, Friendly Center)
Winston-Salem - 1 (Hanes Mall)
Charlotte - 2 (Northlake Mall, Southpark Mall)
Pineville - 1 (Carolina Place Mall)
Cary - 1 (Cary Towne Center)
Durham - 2 (Northgate Mall, The Streets at Southpoint)
Raleigh - 2 (Crabtree Valley Mall, Triangle Towne Center)
Wilmington - 1 (Mayfaire Town Center)
Since then, the following stores have closed or are in the process of closing:
It is disappointing to see some of these Macy's stores closing. But some of them were not managed very well after the Hecht's conversion, and some had limited assortments. And Belk tends to dominate the dept. store sector in NC. And I believe that former Wilmington store may have been previously traded to Belk.
But that Northgate store is a very nice store from an architectural and design standpoint, so it is sad indeed that it declined from a merchandising and sales standpoint. Same for that previously closed Greensboro store. Nice building. And as for Greensboro, that Friendly Center store may still be on the endangered list, as sales are not apparently strong there either, where Belk reportedly dominates.
As for the Pineville store in the Charlotte market, it was not originally planned by Macy's to close but mall owner General Growth Properties wanted the space for Dick's Sports as they would be able to command higher rent and the real estate was a more valuable asset at that location, as again Belk tended to dominate sales at that mall.
With these closings, Macy's will now be able to concentrate on stronger performing stores and supposedly upgrade them to a higher standard. Less commonplace and more exclusive, with better merchandising. The stores in the top tier malls will remain, including Crabtree, Southpoint, SouthPark, and Northlake. Only Friendly Center remains questionable and it may be on probation, and possibly Triangle Town Center eventually as well. Cross Creek in Fayetteville seems to have survived for now as well.
Part of the problem with Macy's was merging all the popular regional names and destroying brand loyalty from the previous store. And poor merchandising and management following the conversions.
The following iconic names were eliminated: Rich's, Burdine's, Lazarus, Goldsmith's, Marshall Field's, Famous-Barr, Kaufmann's, Strawbridge's, Wannamaker, Filene's, Foley's, Robinson's-May, Bon-Marche, Meir and Frank, and Hecht's. And don't forget Davison's, Bamberger's, and I. Magnin from prior conversions which seemed to work better before the Federated and May Co. merger. And Dayton Hudson was more successfully merged into Marshall Field's. The Marshall Field's conversion seemed to generate the most backlash in Chicago, and the former Rich's is lamented in Atlanta.
Macy's is in an awkward niche. It is not luxury, but it is not bargain basement either. Mid-range merchants are struggling, including Belk. A lot of luxury shoppers will not go to Macy's because they think its clothes are too common or not affluent enough, and bargain shoppers think they are too expensive.
Last edited by Tarheelhombre; 01-05-2017 at 02:01 PM..
Macy's shares are down 14% today in a sideways market (and down more than 50% in the last 18 months). The dividend is supporting the stock, but the dividend is not secure given their recent performance. I suspect this won't be the last of the stores they close. Question is, where is the bottom -- or is there a bottom.
I would be making redevelopment plans for the mall, because Sears (the only anchor left once Macy's closes) isn't long for the world, either.
Sears' days are numbered. They literally are selling off the Craftsman brand now to Stanley and Black & Decker. They really burned that Craftsman bridge to the ground. One of the few things they had left going for them and that's not saying much, considering what they did to that brand.
Sears' days are numbered. They literally are selling off the Craftsman brand now to Stanley and Black & Decker. They really burned that Craftsman bridge to the ground. One of the few things they had left going for them and that's not saying much, considering what they did to that brand.
I seen it. I made a thread in the coastal forum about the Kmarts in Wilmington and Goldsboro closing. Kmart was struggling in the '90s, but it's really sad to see them taking Sears down with it.
I heard Eddie Lambert (sp?) loaned Sears and Kmart a few hundred million just so they could stay afloat.
I seen it. I made a thread in the coastal forum about the Kmarts in Wilmington and Goldsboro closing. Kmart was struggling in the '90s, but it's really sad to see them taking Sears down with it.
I heard Eddie Lambert (sp?) loaned Sears and Kmart a few hundred million just so they could stay afloat.
Eddie Lampert was the worst thing to happen to Sears/Kmart. He ruined that company. He's running it into the ground so he can squeeze out every last dollar from the real estate. I wouldn't be surprised if that was his endgame from the get-go.
As for Macy's, if the store in Durham is anything like the one in River Ridge Mall in Lynchburg (which is also closing), then I'm not surprised it got the heave-ho.
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