Macy’s announced on August that they will be closing 100 of its 650 stores nationwide. This is all due to the famous online shopping store Amazon. Most people are finding cheaper things on online stores like Amazon and Alibaba and have stopped going to places like Macy’s, Sears, and the common mall shopping centers.
Macy’s will be closing those stores that are failing and are located in weak spots. Before this announcement Macy’s had already closed 36 other stores. In the 2016 market Macy’s isn’t somewhere people go anymore. Other stores have also been emerging that are constantly taking consumers away from Macy’s. These are stores like H&M and ZARA that are thriving now for their inexpensive products. Other physical stores like Dollar General and T.J.Maxx are also doing better than Macy’s. This isn’t necessarily good for everyone but it could be for investors.
The employees of these stores also have a lot to worry about. After Macy’s closed the 36 stores 3 thousand people lost their jobs. This time Macy’s says that if possible they will try to find jobs for the unemployed around the area