- Some malls are expected to close as a result of the coronavirus while others plan to convert retail space to more experiential venues
- Macy’s already had planned to close 125 stores through 2022 and slash its corporate ranks
- It’s mall traffic is down as much as 48% compared to last year
Macy’s is thinking outside the mall to recover from the coronavirus pandemic, opening standalone stores and focusing on the vacuum created by the bankruptcies of Neiman Marcus, Barney’s and Lord & Taylor.
During its quarterly earnings call earlier this month, Macy’s CEO Jeff Gennette said the chain, which anchors numerous malls across the country and is in the midst of a three-year turnaround plan, is going to test small-format stores and it’s taking Bloomingdale’s with it.
Macy’s Inc., which has a total of 771 locations, lost $431 million in the second quarter compared to an $86 million