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.
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"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
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.
Milwaukee, Wisconsin – 14% loss
Pittsburgh, Pennsylvania – 12% loss
Hartford, Connecticut – 9.4% loss
Philadelphia, Pennsylvania – 9.1% loss
Detroit, Michigan – 8.2% loss
Cincinnati, Ohio – 7.5% loss
Daytona Beach, Florida – 7.4% loss
St. Louis, Missouri – 6.2% loss
Columbus, Ohio – 5.9% loss
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.
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