Posted on 01/06/2021 8:28:12 AM PST by dynachrome
Macy’s is closing its flagship store in Water Tower Place, creating a huge vacancy on the Magnificent Mile during an already challenging time for retail landlords.
The 170,000-square-foot store in the North Michigan Avenue vertical mall will close after a clearance sale that starts this month and will run for 8 to 12 weeks, Macy’s said Tuesday.
“After careful consideration, Macy’s has decided to close our Water Tower Place location,” Macy’s said in a statement. “This closure is part of the company’s strategy to right-size its store fleet, announced in early 2020. The decision to close a store is always a difficult one, and Macy’s Water Tower Place has been honored to serve its customers on the Magnificent Mile for 45 years.”
(Excerpt) Read more at chicagotribune.com ...
And Pritzker.
They’re dead, Jim.
A business can only stand so many flash mobs and shoplifting.
Time to raise taxes again!/s
That place was cleaned out real good last summer
Complete shock. Who could have foreseen that rampant murders, armed robbery, car jacking, looting and burning businesses might have consequences?
Only the beginning.
The orcs will be breaking in and looting what’s left in the spring.
I guess having BLM looters trash their stores ad steal their goods is not good for business.
Hmm, I wonder what the common-denominator is?🙄
This closure is part of the company’s strategy to right-place its store fleet (a place that doesn't get looted)
Chicago was already teetering on the brink of financial ruin and the BLM/Antifa looting and riots probably pushed them over the edge as their tax base is devastated.
Reality is going to set in and a lot of phantom government employees are going to have give up their no show jobs.
You get the government you deserve and Chicago is getting it good and hard. Perhaps it will serve as a warning to the rest of the country but not holding my breath.
Strategy to “right-size”?
Sounds more like a strategy to not get looted in the future.
Yeah. Well brick and mortar stores are the buggy whip factories of the 21st century. BLM and Antifa and the whole Hunan Flu thing is just hastening it.
The Wuhan lockdowns have played a big part in Macy’s loss of sales and probably speeded up their “right, i.e. down, sizing.”
The Mag Mile is becoming The Ordinary Mile.
Even the dumbest retailers finally “get it” when a flash mob empties their stores.
If they remain in denial, nasty letters from their insurance company threatening to remove business coverage will deliver the message in a language they understand.
How long before Macy’s closes its flagship store in Manhattan?
"right sizing" always means less. A classic MBA style weasel phrase!
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