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The US Consumer Is So Strong, Macy's Just Fired 2500 And Announced The Closure Of Five Stores
Just out from Macy's, which first said the following: "The 2013 holiday season was successful for Macy’s and Bloomingdale’s as we offered fresh and distinctive merchandise, delivered great value to the customer and provided a robust omnichannel shopping experience... Even in a questionable macroeconomic environment with challenging weather in multiple states, the positive response from our customers during the holiday season is yet another vote of confidence that our well-established strategies continue to work for us." What well-established strategies one may ask? Why the following of course, which was also just disclosed in a separate news release "outlining cost reduction initiatives to support continued profitable sales growth": "Approximately 2,500 employees are expected to be laid off and are eligible for severance as a result of these organizational changes. Other associates are being reassigned with new duties or transferred; some open positions will not be filled."
And just in case the message was missed, "The company is announcing today that it will close the following five Macy’s stores in early spring 2014:
- Fiesta Mall, Mesa, AZ (159,000 square feet; opened in 1979; 98 associates);
- Metcalf South Shopping Center, Overland Park, KS (216,000 square feet; opened in 1967; 88 associates);
- Jamestown Mall, Florissant, MO (200,000 square feet; opened in 1994; 88 associates);
- Medley Centre, Irondequoit, NY (129,000 square feet; opened in 1990; 96 associates);
- Fashion Place Mall, Murray, UT (26,000 square feet; opened in 1988; 42 associates).
Luckily, JCP and Sears are both hiring.
What can one say but a truly vibrant economy, and a consumer that has never been stronger.
As for M stock, it's up 6% after hours.
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bullish. kinda.. entire store was on sale last time i was there.. http://hedge.ly/1bOl5jo
Slimey that they had to wait until after Festivus to do this.
To be fair this is probably more directly related to the fact that Macy's is a useless store today with nothing worth going to for.
JC Penney has yet to announce holiday sales:
http://finance.yahoo.com/news/jc-penney-maintains-fourth-quarter-135304740.html
Perhaps they made so much money its taking them longer to count it....
I ordered t-shirts (4 packs) after the holidays, and they are still back ordered. I am betting better than expected if they don't even have underwear available.
A 2nd and creepy thought came up, what if they went full Venezuela and have locked in the underpriced underwear and they are all headed to Canada/ Columbia?
Not one of those locations is a place that Jamie Dimon would piss on as he flew over in his Gulfstream.
In the new normal, you've got to be milking the serfs or blowing the king. Anyone in the middle just gets crushed.
Who's Laying off / Closing??
http://www.dailyjobcuts.com
.
You Zoo Jorkers can say ta ta to your New Year's parade next year!
And pleas thank your nearest fucking Wall Street bankster for it before they vanish.
New York will now become an abandoned derelict like Detroit now that it's been drained of all it's worth.
And then sacked by the scum balls from NEW FUCKING JERKOFF JERSEY!
Enjoy!!
I guess they can rain on their parade
I literally just came home from a high level meeting where retail was discussed at length, where the latest batch of numbers (i.e. most current & tabulated by a credible company that does specifically that) were distributed and dissected.
2014 is already setting up to be the year of the Bernanke re-leveraging up of consumer debt (now at a new all time record, by the way) HANGOVER BINGE & PURGE.
Stay the hell away from retail ANYTHING, whether brick & mortar or online, with extremely few exceptions. Holiday sales were so epicly bad that it's literally shook insiders to their frosty bones.
Just wait until the full extent of the walking dead zombie retailer news hits (i.e. Sears/Kmart, JCP, RadioShack, CVS, Rite Aid, Best Buy, Wal-Mart - yep, 20% of Wal-Mart's are redundant according to Wal-Mart's own internal study - Discounters such as Big Lots, Ross, TJX, etc.).
2014 is going to be the year where every financial news outlet will be begging Howard Davidowitz to appear on their show.
Bernanke handed Yellen a steaming pile of dung on his hurried rush for the exits.
Run, Janet! Run!
If I wanted to destroy whats left of peoples disposable income, what would I do? Ahhh yes, force them to buy something moar expensive leaving them even less disposable income!
Retailers & restaurants hardest hit.
it's almost as if..the middle class is not healthy
Gang store. Catering to Obama voters with EBT cards and illegals.
This will somehow translate into lower unemployment.
Macys fires 2500 employees = "The economy adds 2500 jobs." See how that works?
Told you Santa had his sleigh loaded with pink slips.
First of many such layoffs.Too much inventory in the system.Add
in Obozocare and what is any businessman going to do.
Hope and change = eat you peas and porridge suckers.
Why not up 20%?
Temps are jumping back into the 99 week UE pool. Outstanding !
Yep. Cost-cutting efficiencies and selling more with fewer "associates" and fewer stores = "HIGHER PRODUCTIVITY"!!! Which will then be hedonically substituted into consumers gaining savings, translating into MOAR HIRING...!
Ahem, that's "impacts", not "layoffs".
Great fucking economy we have.
Because Obama!
Macy starts the racy. ( to un taper)
Hey you chicks from macys, Guns-R-Us is hiring!
Maybe Zero needs to get out there with his teleprompter and do some more CONning...er I meant CONfidence building about the eCONomy.
That's one small UT store, comparatively.
great news. we need to print more. how about an open thread on the economy is so strong....
let me start: the economy is so strong, the Fed HAS to print $1 Trillion annually.
The economy is so strong I retired from Macy's at 27...
The economy is so strong, IKEA stopped putting horse in it's meat-a-balls.
pods
quit cantering for laughter
Just because it has gone on for so long we are having to recycle one-liners?
The economy is so strong, they let Yellen be in charge of it.
they can close them all, for all i care. i don't go in their stores and i don't buy their stuff.
"I don’t want to sell anything, buy anything or process anything as a career. I don’t want to sell anything bought or processed, or buy anything sold or processed, or process anything sold, bought or processed, or repair anything sold, bought or processed. You know, as a career, I don’t want to do that."— John Cusack as Lloyd Dobler in “Say Anything” (1989).
Well, at least they have Obamacare .........and Congress will undoubtedly extend unemployment benefits to eternity, plus other various assorted entitlements......heck, they're good for life! Matter-of-fact, as per Nancy P., they can now spend their unemployment and severance at Macy's adding to the bottom line!!! So in one brilliant move, Macys rid themselves of a liability and created an asset ....funded by the taxpayer.
Jeezus....must be good news for SPG and GGP
http://www.bloomberg.com/news/2013-09-13/mall-owner-stocks-go-from-first-to-last-as-spending-slows.html
Um... It was the weather.
I just use Macy's stores to "Showroom" for Macys.com. Because prices are lower on Macys.com versus in-store for the exact same items (especially for sales), I only go to Macy's stores to look at an item before purchasing, or to make a return.
Macy's is for pussies. Are you a pussy? What color is your underwear?
What's underwear. Only pussies wear underwear. Only pussies don't drive made in Merica F150s, only pussies don't get CTE from playing the most amazing non-pussified sport in Merica - Football. Only pussies vote Obama. Fuck pussies, I hate pussies. France = Pussies, Canada = Pussies, latino Mexico = Pussies, whole world pussies. Merica = Non-Pussy !!!!! Fuk-Yea
Sadly Virginia, all this bullshit about Santa Clause is just that, Bullshit........
I would rather believe in Santa than this load of crap they are peddling.
I mean, at least Santa COULD happen. Just need a really, really fast sleigh. Like a sleigh with JATO, or a hyper-drive like the millennium falcon. And stop time, and like, become small enough to fit down a modern chimney and avoid being burned or asphyxiated.
Way easier that the other story.
pods
Santa represents everything about our modern society
He's obese
He's always in the red
He ignores the fourth amendment
he lives in an ivory tower
and he works the shit out of the little people
Are the little people Asian?
He had thought of moving the factories to Mongolia but the reindeer had a sit in
So all the reindeers are woman?
I'm sure it wasn't for a lack of inventory. aka {cheap Chinese trinkets}
Too bad beacuse those Chinese only shop at Tiffancy's.
You didn't mention the 8 stores they are opening. Tell the whole story not just the part that supports your worldview.
http://finance.yahoo.com/news/macy-inc-outlines-cost-reduction-210000638...
Eight new and replacement Macy’s and Bloomingdale’s stores are currently planned and/or under construction, as previously announced.
Notice where the new stores will be opening?
Middle America fucked, tourist traps rejoice. I'm about 30 miles from
This is a brand new shopping mall built from scratch. $400 million. Just look at the demographics of Sarasota and you'll know what's going on.
Same goes for the rest of the stores. 2 Miami stores, Puerto Rico, Sarasota, Hawaii, Las Vegas <-follow the retirement money.
You know how they can afford to drop $400 million on building a mall, right? Ben pretty much gave it to them.
"Hey buddy, got any MBS?"
Sorry.....follow the disability money...fixed it
Actually, everytime I leave my complex I see my money being pissed away left and right.
In conjunction with the implementation of these cost reductions, as well as of store closings and asset impairment charges, an estimated $120 million to $135 million of charges, of which $50 million to $55 million is expected to be non-cash, will be booked in the fourth quarter of 2013. These charges were not previously included in earnings guidance provided by the company.
Eight new and replacement Macy’s and Bloomingdale’s stores are *CURRENTLY* planned and/or under construction, as previously announced.
Only 1 of those 8 is a new store, the other 7 replace nearby locations in old, shitty malls.
http://www.huffingtonpost.com/2011/12/27/sears-kmart-stores-closing_n_11...
huffpost = same worldview as ZH! (x20)
that article is from 12/2011
the recovery that never was....
Never trust damn huffpo slicksters.
Here it is.http://www.jsonline.com/business/kmart-to-close-3-stores-eliminate-over-...
Simple solution for Sears, Bring Back the Catalogue "Sears & Roebuck" and start selling the syringe and cocaine combo from the late 1800s. Recovery in 3, 2, 1...
I believe $1.50 could fetch you the whole Heroin Kit; Syringe, heroin & carrying case.
Fuck TVs, bring back the Coca Wine.
Don't forget the big sale on laudanum!
Why are Macy and Bloomingdale employees referred to as 'associates" and not "employees" ?
Are they not employed by the company, only associated with it through their work contracts ?
Or is this just some new nomenclature used with the specific intent to render the words, and traditional definitions that lie therein, of "employer" and "employee" as obsolete ?
http://finance.yahoo.com/news/macy-inc-outlines-cost-reduction-210000638...
More doublespeak, like "Vertically-challenged" = dwarf,
"Testosterone-deficient" = woman, etc.
Shit friend of mine works there.
Hope she's ok.
So, was that shit, a friend......or a shitty friend?
Courtesy, the punctuation police.
Well, I got friends in low places.
Right up to the day they got fired from Macy's
Puncuation can kill.
Let's eat grandma!
Let's eat, grandma!
Shit: a friend of mine works there.......?
I'm afraid the Macy's and Bloomingdale's employees are overqualified to work at Penneys.
The Metcalf South Mall needed to be torn down 20 years ago. Why it's still standing I have no clue. Must be privately owned.
http://en.wikipedia.org/wiki/Metcalf_South_Shopping_Center
Lol, even wiki calls it a dead mall. Few of those here as well. Some of them were lucky enough to be turned into or broken up into new stores that were not there before. At least some of the smaller malls can be re-habed. Those with multiple levels, deep interiors...not so much.
Bullish. Macy's is for poor people. The new middle class shops at Tiffany & Co., Saks Fif Ave., and Mercedes dealerships. No channel stuffing necessary. All's good. Just ask the FED.
If Macy's is for the poor,
Goodwill stores are for ...
THE UNTOUCHABLES.
Dun dun dun....
the "new middle class" shops at Tiffany's ????? Huh?
what planet is he from?
What middle class? This new suspposed middle class shops in dumpsters.
Shopping at a more expensive place instead of having more income is what elevates one from the poor to the middle class ? That is some real progress.
Short JCPenneys they going under this next year for sure...lol
Thing is the few assholes at the top will keep raking in millions after everyone else's demise and will continue that role as long as possible. Sound familiar?
What are "associates"? Hired help?
If I buy something there, am I an "investor", perhaps? :)
Only if you buy something and return it, because returns = income.
Saw around 25 cars parked at JCPenney stripmall store today at noon. I'd guess at least half of them are workers so that leaves around 12 customers total... maybe everyone has a job and is working?
that, and they prefer online shopping while eating unhealthy food @ home?
K Mart 225 stores sears 150 JC P? GM, Ford , HP to cut 20 % of. Workforce! Between 2014-2016!
Recover that!
Everything is fine and we love you. Now we are releasing 120 wild dogs who were starved for 3 days so we can cleanse the degraded filth who infiltrated our stores without our knowledge. Then everything will be much better.
Mall on Tuesday was D E A D. Sears was giving everything away.
Penney took the $1.99 rack away during the holiday shopping season. Guess what? It's back. Just saw it the other day. A whole section $1.99. This shit is too funny.
So, the demand for goods is so staggeringly high that it is impossible to keep the store shelves stocked; therefore we will have to close 5 stores since it would hurt the bottom line to maintain "empty" stores while waiting for merchandise to be delivered.....
Terrible article that is one-sided and gives you no insight into what Macy's is doing.
Like so many other articles at ZH, the headline and doom is way off. None of these malls are new. I don't know the story but my guess is that all these leases are up (20 year lease for the 1994 one I think) and they get better bang for their buck elsewhere. Like someone else said above, they're opening stores in other places. I actually thought maybe one of the ones around me would be on the list but they're probably not at lease expiration yet.
only thing that truly matters is how much are Macies spending to buy back shares ...
Macy's has long been the poster child for hideous customer service.
I recently went to a large reasonably upsacle suburban Macy's to buy a pair of dress socks. I tried to use the credit card that I've had for at least ten years. I was told that I had to give my zip code or they wouldn't process the card, like you sometimes have to do at a gas pump in a really bad part of town. The clerk, and her manager, had this "I hate this job and I hate servin' Whitey" look written all over their faces.
Linking a zip code to a credit card for identification is a violation of their merchant agreement, and a demonstration that this store has become one of the ghetto's favorite shoplifting destinations (sometimes, entire racks of clothes go flying out of this place, according to the local news).
I said fuck you very much and bought my socks at a place that didn't mistake a middle age suburban white dude for an inner city gangster.
I would love to see Macy's just disappear, as Barnes & Noble, Sears, and JCP will soon do.
On my way into Portland this morning and passed 3 Rivers Mall in Longview WA - a 3rd tier but big for the boonies.
They are tearing down empty portions of it to consolidate the merchants left in the center portion (Sears, JCP, HD).
Now THAT is a sign of the times.
by this time next year, JCP and Sears won't exist
Target is taking a beating too