MACY'S CLOSING 100 STORES

Macy’s Inc. said it plans to close about 100 stores, or 14 percent of its 728 stores, and would continue to seek partnerships for its flagship locations as it seeks to turn around its business after six quarters of falling sales. Department stores have been struggling with stiff competition from online and off-price retailers. They are also under pressure as shoppers are spending more on big-ticket items such as electronics and cars than on clothes.
* This could be the opportunity Sears has been waiting for.
* In addition, Macy’s can’t afford to sponsor its New York Thanksgiving Day parade, but says it will set up a lemonade stand on the corner.
* No, they’ll still have the Thanksgiving Day Parade – the floats are the only thing staying afloat.
* Gee, we’ve come a long way from “Miracle on 34th Street.”
* Now it’ll be a miracle if we still have department stores 20 years from now.
* We’ve got flagship stores and parade floats? Why all the nautical imagery?
* Yes, it sounds grim, but don’t worry – the economy’s robust. Nothing to fret about here at all.
* Another problem is that more shoppers are spending money just trying to stay alive.
* Many shoppers are spending money on big-ticket items like food.