Macy's is about to close more stores -- here's where they will likely shut down

Before you go, we thought you'd like these...
Before you go close icon

Macy's is about to kick off its next wave of store closures.

The retailer revealed plans in August to shut down 100 stores in early 2017 as it battles slowing sales and growing online competition.

Macy's Chief Financial Officer Karen Hoguet provided an update on the closures at a conference last week, and said some stores will start shutting down before the end of the year, according to the Cincinnati Business Journal.

Hoguet didn't reveal how many closures are imminent, but said "All 100 will not close at year end," according to the Business Journal.

See other major chains struggling in 2016:

7 PHOTOS
Struggling department stores
See Gallery
Struggling department stores
TORONTO, ONTARIO, CANADA - 2016/03/08: Sears store entrance, is an American chain of department stores. Known for selling high quality clothing article from shoes to shirts. (Photo by Roberto Machado Noa/LightRocket via Getty Images)
Macy's Inc. signage is displayed at a department store in New York, U.S., on Monday, Feb. 22, 2016. Macy's Inc., the largest U.S. department-store company, is scheduled to report fourth-quarter 2015 earnings before the opening of U.S. financial markets on February 23. Photographer: Michael Nagle/Bloomberg via Getty Images
J.C. Penney Co. signage is displayed outside of a store at the Gateway Shopping Center in the Brooklyn borough of New York, U.S., on Saturday, Aug. 8, 2015. J.C. Penney Co. is scheduled to release earnings figures on Aug. 14. Photographer: Michael Nagle/Bloomberg via Getty Images
UNITED STATES - JUNE 09: Customers enter the Dillards department store at Parkdale Mall, in Beaumont, Texas, Wednesday morning, June 9, 2004. A judge declared a mistrial in a lawsuit brought against Dillard's Inc. by 17 black shoppers in Texas who claimed that security guards at the department store chain harassed them because of their race. (Photo by Scott Eslinger/Bloomberg via Getty Images)
MIAMI, FL - APRIL 19: A Nordstrom sign is seen outside a store on April 19, 2016 in Miami, Florida. Nordstrom on Monday said in a cost-cutting measure they are expecting to lay off 350 to 400 people. (Photo by Joe Raedle/Getty Images)
The sign outside the Kmart store is seen in Broomfield, Colorado November 19, 2009. Sears Holdings Corp posted a narrower-than-expected quarterly loss November 19, 2009, helped by the first increase in same-store sales at its Kmart unit in four years. REUTERS/Rick Wilking (UNITED STATES BUSINESS)
of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

"Many of those have leases, so it makes no sense to pay rent and not operate," she said. In other words, stores owned by Macy's will be the first to close.

Macy's has not released a comprehensive list of stores that will close. The company did not respond to Business Insider's request for comment on how many stores would close before the end of the year.

"When we have more to share, we will announce accordingly," Macy's spokeswoman Holly Thomas said.

Macy's employs more than 150,000 people, and the closures represent 15% of its store base.

The only impending closures that Macy's has confirmed are the following:

  • Carolina Place in Pineville, North Carolina
  • Oakwood Mall in Eau Claire, Wisconsin
  • Greenwood Mall in Bowling Green, Kentucky
  • Quail Springs Mall in Oklahoma City, Oklahoma (closed earlier this year)
  • Lancaster Mall in Salem, Oregon
  • Southwest Morrison St. in Portland, Oregon
  • Douglaston Mall in Douglaston, New York
  • Macy's Men's store in Union Square in San Francisco

In August, Morningstar analysts identified 28 stores that are most at risk for closures.

They include:

  • Cottonwood Mall in Albuquerque, New Mexico
  • Dover Mall and Commons in Dover, Delaware
  • South Towne Center in Sandy, Utah
  • Lakeland Square Mallin Lakeland, Florida
  • Friendly Centerin Greensboro, North Carolina
  • Lakewood Centerin Lakewood, California
  • The Shops at Wiregrassin Wesley Chapel, Florida
  • Crossroads Centerin Saint Cloud, Minnesota
  • Battlefield Mallin Springfield, Missouri
  • Sangertown Squarein New Hartford, New York
  • Westfield Trumbullin Trumbull, Connecticut
  • Montgomery Mallin North Wales, Pennsylvania
  • Starwood National Mall Portfolioin Plano, Texas
  • Peachtree Mallin Columbus, Georgia
  • Glenbrook Squarein Fort Wayne, Indiana
  • Oglethorpe Mallin Savannah, Georgia
  • Visalia Mallin Visalia, California
  • Willowbrook Mallin Houston, Texas
  • Town East Mallin Mesquite, Texas
  • Bend River Promenadein Bend, Oregon
  • Tucson MallinTucson, Arizona
  • Sunvalley Shopping CenterinConcord, California
  • Meadowood Mallin Reno, Nevada
  • Penn Square Mallin Oklahoma City, Oklahoma
  • The Mall of New Hampshirein Manchester, New Hampshire

The business analytics firm 1010data has also made a prediction on where closures are most likely.

The firm identified the most at-risk areas for closures based on a review of consumer spending data that showed where Macy's is losing the most market share to competitors including Dillard's, Nordstrom, and Lord and Taylor.

Here are the top 10 cities where Macy's lost the most market share between 2014 and 2015 — and where the company is most likely to close stores as a result, according to 1010data.

  1. Milwaukee, Wisconsin – 14% loss
  2. Pittsburgh, Pennsylvania – 12% loss
  3. Hartford, Connecticut – 9.4% loss
  4. Philadelphia, Pennsylvania – 9.1% loss
  5. Detroit, Michigan – 8.2% loss
  6. Cincinnati, Ohio – 7.5% loss
  7. Daytona Beach, Florida – 7.4% loss
  8. St. Louis, Missouri – 6.2% loss
  9. Columbus, Ohio – 5.9% loss
  10. Cleveland, Ohio – 5.7% loss

Macy's experienced the biggest losses in market share in large cities in the Midwest, such as Cincinnati and Milwaukee. But areas in the South, Northeast, and Pacific Northwest also experienced significant declines, according to 1010data.

Here's a heat map showing the areas that experienced the most losses in market share.

Macy'sAP

NOW WATCH: Scientists have discovered why American honey bees are turning into zombies

See Also:
10 must-have travel tech accessories
Melania and Barron Trump won't be moving into the White House in January
United's 'carry-on baggage ban' had a nasty side effect that other airlines can learn from

SEE ALSO: There's an obvious gap in the sandwich market — and this Whole Foods-backed restaurant wants to close it

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners