Macy's will close 150 stores nationwide in the next two years, including San Francisco's flagship Union Square store.
Macy's will close 150 stores nationwide in the next two years, including San Francisco's flagship Union Square store.Mayor London Breed said the Union Square store will be shuttered in the second phase of closures and that the store will remain open and employees will still have jobs until then. It will also take time to sell the 400,000 square foot property, Breed added, and she vowed to work with the next business to move in there.
Instead, it's about profitability.Macy's and Bloomingdale's sales during the 2023 holiday shopping season were down compared to a year before.Ray Wimer, professor of retail practice at Syracuse University, acknowledged that Macy's is in a tough spot, especially in light of online shopping and competition, including Target and Walmart. "They've been trying to restructure and find strategies to find a path to success into the future," Wimer said.
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