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MACY’S, Inc Announces Store Closing in Laurel Maryland | Shopping & Services

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MACY’S, Inc Announces Store Closing in Laurel Maryland
MACY’S, Inc Announces Store Closing in Laurel Maryland

 

The following information was sent to us by Marissa Vitagliano: Macy’s, Inc. announced a seriesof store openings and closings as part of the company’s normal-courseprocess to selectively prune underperforming locations while also openingnew ones to fill gaps in local markets and take advantage of newopportunities at both Macy’s and Bloomingdale’s.  The Macy's at Laurel Mall in Laurel, Maryland will be closing and final clearance sales begin this weekend, January 8. The company is committed to treating associates affected by store closings withrespect and openness. Associates displaced by storeclosings may be offered positions in nearby stores where possible. Regularfull-time and part-time associates who are laid off due to the storeclosing will be provided severance benefits. In conjunction with thesestore closings, an estimated $25 million to $30 million of costs (of whichapproximately $20 million will be non-cash) will be booked in the fourthquarter of 2011. These costs were not included in previous earningsguidance provided by the company. Macy’s Store Closings Macy’s will close the following five stores in early spring 2012. Final clearancesales at these locations will begin on Sunday, Jan. 8, and run for approximately 10weeks.▪ West Ridge Mall, Topeka, KS (193,000 square feet; opened in 1988;60 associates);▪ Laurel Mall, Laurel, MD (123,000 square feet; opened in1981; 76 associates);▪ Parmatown, Parma, OH (288,000 square feet); openedin 1960; 94 associates);▪ Hickory Hollow, Antioch, TN (181,000 square feet;opened in 1979; 77 associates);▪ Mall of the Mainland, Texas City, TX(151,000 square feet; opened in 1994; 68 associates).  Macy’s StoreOpeningsAs previously announced, five new Macy’s stores, as well as onereplacement store, are currently planned and/or under construction, aspreviously announced. New Macy’s stores will be located in:▪ Victorville,CA (103,000 square feet; to open mid-2013; approximately 140 associates);▪Gurnee, IL (140,000 square feet; to open in spring 2013; approximately 200associates); ▪ The Bronx, NY (160,000 square feet; to open in fall 2013 orspring 2014; approximately 225 associates);▪ Salt Lake City, UT (150,000square feet; opening in March 2012; approximately 116 associates); ▪Greendale, WI (150,000 square feet; to open in March 2012; approximately160 associates). A replacement store will be built in Bay Shore, NY(200,000 square feet; to open in fall 2013; approximately 180 currentassociates).When all of these planned openings and closings are complete,Macy’s will operate 804 stores in 45 states, the District of Columbia,Puerto Rico and Guam.Bloomingdale’s Store ClosingsBloomingdale’s will closethe following four stores in early spring 2012. Final clearance sales atthese locations will begin on Sunday, Jan. 8, and run for approximately 10weeks.▪ Perimeter Mall, Atlanta, GA (234,000 square feet; opened in 2003;128 associates);▪ Oakbrook Home and Furniture, Oak Brook, IL (93,000 squarefeet; opened in 2003; 50 associates);▪ White Flint, North Bethesda, MD(259,000 square feet; opened in 1977; 158 associates); ▪ Mall of America,Bloomington, MN (233,000 square feet; opened in 1992; 127 associates).Bloomingdale’s Store OpeningsBloomingdale’s is planning to open one newstore (previously announced) and one replacement store.As previouslyannounced, a new Bloomingdale’s is planned open in Glendale Galleria inGlendale, CA (120,000 square feet; to open in fall 2013; approximately 175associates).In addition, the company is announcing that an all-newBloomingdale’s will be built in Stanford Shopping Center in Palo Alto, CA,to open in spring 2014, subject to completion of a public approval process.The new Stanford Shopping Center store will be built in a smaller formatsimilar to highly successful Bloomingdale’s stores opened in recent yearsin SoHo (New York), Chevy Chase, MD, and Santa Monica, CA. The new120,000-square-foot store in Palo Alto will replace an existingBloomingdale’s of 229,000 square feet in the same shopping center. Thecurrent Bloomingdale’s will remain in operation until the new store isconstructed and opened. At that point, the current store will be razed andreplaced by new specialty retail development by Simon Property Group,developer and manager of the shopping center which is owned by StanfordUniversity. Bloomingdale’s Stanford Shopping Center store currently employsabout 180 associates, and the company plans to maintain a similar workforcein the new store when it opens.These smaller Bloomingdale’s formats offer adynamic fashion presentation that is edited to reflect the uniquemarketplace of customers they serve. The new Stanford Shopping Center storeis expected to emphasize merchandise categories such as women’s and men’sapparel, accessories, cosmetics, shoes and home.In addition, five newBloomingdale’s Outlet stores will open in 2012, each with about 25,000square feet and 35 associates:▪ Paragon Outlets Livermore Valley inLivermore, CA (to open in fall 2012);▪ Merrimack Premium Outlets,Merrimack, NH (to open in spring 2012);▪ The Gallery at Westbury Plaza,Westbury, NY (to open in fall 2012);▪ The Shops at Park Lane, Dallas, TX(to open in spring 2012);▪ Paragon Outlets Grand Prairie in Grand Prairie,TX (to open in summer 2012).  These new locations will bring to 12 thetotal number of Bloomingdale’s Outlets, a new concept launched in fall2010. Four were opened in 2010, with another three added in2011.Bloomingdale’s Outlets deliver a compelling combination of fashion,quality and value in a convenient shopping environment. Each Bloomingdale’sOutlet store offers a range of apparel and accessories, including women’sready-to-wear, men’s, children’s, women’s shoes, fashion accessories,jewelry, handbags and intimate apparel.Once all of these changes have beenimplemented, Bloomingdale’s will have a total of 38 full-line and homestores, as well as 12 Bloomingdale’s Outlet stores.