Economy

Macy's closing 11 stores

Macy's closing 11 stores”

Shopping in downtown Miami won't be quite the same as the landmark Macy's on Flagler Street will soon be closing its doors for good.

"I'm going to miss this store but I'm going to go to the next closest one", Calvo said.

A woman shops at the Macy's store at a mall in a Denver suburb May 16, 2008.

As a result, Macy's raised its fiscal 2017 earnings outlook to a range of $3.59 and $3.69 per share, excluding the impact of various store closings and other costs associated with debt repurchases.

In another sign of the times that some brick and mortar stores have trouble competing in this digital age, Macy's has announced that they will close their downtown Miami store.

Other department store operators also tumbled, with J.C. Penney Co Inc (JCP.N) and Sears Holdings (SHLD.O) each down 7 percent and Kohl's Corp (KSS.N) down 5 percent.

Even with the holiday sales growth, Macy's stock closed at $24.49 on Thursday, down 84 cents - or about 3.3 percent - from Wednesday's closing price.

"We have nearly 90,000 people - majority are young between the ages of 25 and 44, and so they're kind of looking for different kinds of experiences than say what you'd be traditionally looking for", Robertson said.

"It's a positive thing for downtown because it can help reinvent the space and push the neighborhood forward", Shapiro said. The department store chain, like its peers, has been forced to revise its massive floor plans, as fewer shoppers venture to America's malls to ring up purchases.

Macy's occupies most of the 467,158-square-foot building straddling the east and west sides of South Miami Avenue.

Over ten locations are set to be closed this year, including the Macy's at Birchwood Mall in Fort Gratiot Township in MI.

The chain is also moving ahead with four previously announced store closings in California and Idaho, USA Today said. A year later it became just Macy's. Another 19 stores will be closed as leases or operating covenants expires, or as sale transactions are completed.



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