Macy’s to close five stores

Five Macy stores are likely to be closed, as the retailer believes they are located in underperforming locations. These stores are at Downtown Boise, Idaho, Summit Place Mall, Waterford, Michigan, Northwest Plaza, St. Ann, Mo, Downtown Missoula, Mont, and Burlington Center Mall, Burlington, N.J., where a clearance sale is being organised at the stores beginning January 10 for around 60 days.

The retailer plans opening new stores in other areas to occupy the gap. This year, it plans opening new Bloomingdale's stores in Santa Monica, Calif., and in Dubai, United Arab Emirates, the first international location. After the closure of the five stores, Macy's, Inc., will operate 849, which include 809 Macy's and 40 Bloomingdale's stores, reports say.