The US Consumer Is So Strong, Macy's Just Fired 2500 And Announced The Closure Of Five Stores

Tyler Durden's picture




 

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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Wed, 01/08/2014 - 17:12 | 4312862 HedgeAccordingly
HedgeAccordingly's picture

bullish. kinda.. entire store was on sale last time i was there.. http://hedge.ly/1bOl5jo

Wed, 01/08/2014 - 17:28 | 4312928 nope-1004
nope-1004's picture

Slimey that they had to wait until after Festivus to do this.

 

 

Wed, 01/08/2014 - 17:30 | 4312937 zaphod
zaphod's picture

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.

Wed, 01/08/2014 - 17:32 | 4312955 0b1knob
0b1knob's picture

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....

Wed, 01/08/2014 - 17:49 | 4313023 El Diablo Rojo
El Diablo Rojo's picture

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?

 

Wed, 01/08/2014 - 17:51 | 4313042 idea_hamster
idea_hamster's picture

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.

Wed, 01/08/2014 - 18:11 | 4313114 Shocker
Shocker's picture

Who's Laying off / Closing??

http://www.dailyjobcuts.com

.

Wed, 01/08/2014 - 18:25 | 4313168 Headbanger
Headbanger's picture

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!!

Wed, 01/08/2014 - 20:12 | 4313507 DaveyJones
DaveyJones's picture

I guess they can rain on their parade

Wed, 01/08/2014 - 21:10 | 4313651 TruthInSunshine
TruthInSunshine's picture

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!

Wed, 01/08/2014 - 21:16 | 4313768 nmewn
nmewn's picture

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.

Thu, 01/09/2014 - 00:51 | 4314363 DaveyJones
DaveyJones's picture

it's almost as if..the middle class is not healthy

Wed, 01/08/2014 - 18:43 | 4313218 Freddie
Freddie's picture

Gang store.  Catering to Obama voters with EBT cards and illegals.

Wed, 01/08/2014 - 17:13 | 4312863 FieldingMellish
FieldingMellish's picture

This will somehow translate into lower unemployment.

Wed, 01/08/2014 - 17:21 | 4312897 Skateboarder
Skateboarder's picture

Macys fires 2500 employees = "The economy adds 2500 jobs." See how that works?

Wed, 01/08/2014 - 17:29 | 4312933 Winston Churchill
Winston Churchill's picture

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.

Wed, 01/08/2014 - 19:04 | 4313269 max2205
max2205's picture

Why not up 20%?

Wed, 01/08/2014 - 17:31 | 4312936 Rainman
Rainman's picture

Temps are jumping back into the 99 week UE pool. Outstanding !

Wed, 01/08/2014 - 17:54 | 4313059 Kreditanstalt
Kreditanstalt's picture

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...! 

Wed, 01/08/2014 - 17:16 | 4312875 Shizzmoney
Shizzmoney's picture

Ahem, that's "impacts", not "layoffs".

Great fucking economy we have.

Wed, 01/08/2014 - 18:16 | 4313136 Headbanger
Headbanger's picture

Because Obama!

Wed, 01/08/2014 - 17:19 | 4312885 wisehiney
wisehiney's picture

Macy starts the racy. ( to un taper)

Hey you chicks from macys, Guns-R-Us is hiring!

Wed, 01/08/2014 - 17:18 | 4312886 Dr. Engali
Dr. Engali's picture

Maybe Zero needs to get out there with his teleprompter and do some more CONning...er I meant CONfidence building about the eCONomy.

Wed, 01/08/2014 - 17:18 | 4312888 rpboxster
rpboxster's picture

That's one small UT store, comparatively.

Wed, 01/08/2014 - 17:19 | 4312889 101 years and c...
101 years and counting's picture

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.

Wed, 01/08/2014 - 17:27 | 4312927 Jlasoon
Jlasoon's picture

The economy is so strong I retired from Macy's at 27...

Wed, 01/08/2014 - 17:32 | 4312956 pods
pods's picture

The economy is so strong, IKEA stopped putting horse in it's meat-a-balls.

pods

Wed, 01/08/2014 - 20:14 | 4313513 DaveyJones
DaveyJones's picture

quit cantering for laughter

Thu, 01/09/2014 - 04:58 | 4314644 zhandax
zhandax's picture

Just because it has gone on for so long we are having to recycle one-liners?

Wed, 01/08/2014 - 19:30 | 4313359 NotApplicable
NotApplicable's picture

The economy is so strong, they let Yellen be in charge of it.

Wed, 01/08/2014 - 17:19 | 4312891 lostintheflood
lostintheflood's picture

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).

Wed, 01/08/2014 - 17:21 | 4312896 spiral galaxy
spiral galaxy's picture

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. 

Wed, 01/08/2014 - 17:24 | 4312900 Rainman
Wed, 01/08/2014 - 17:22 | 4312901 Musashi Miyamoto
Musashi Miyamoto's picture

Um... It was the weather.

Wed, 01/08/2014 - 17:23 | 4312906 syntaxterror
syntaxterror's picture

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. 

Wed, 01/08/2014 - 18:23 | 4313164 walküre
walküre's picture

Macy's is for pussies. Are you a pussy? What color is your underwear?

Wed, 01/08/2014 - 20:22 | 4313550 Jlasoon
Jlasoon's picture

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

Wed, 01/08/2014 - 17:23 | 4312908 A Lunatic
A Lunatic's picture

Sadly Virginia, all this bullshit about Santa Clause is just that, Bullshit........

Wed, 01/08/2014 - 17:37 | 4312974 pods
pods's picture

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

Wed, 01/08/2014 - 20:19 | 4313533 DaveyJones
DaveyJones's picture

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 

Wed, 01/08/2014 - 20:23 | 4313564 Jlasoon
Jlasoon's picture

Are the little people Asian?

Wed, 01/08/2014 - 20:27 | 4313585 DaveyJones
DaveyJones's picture

He had thought of moving the factories to Mongolia but the reindeer had a sit in

Wed, 01/08/2014 - 20:54 | 4313698 Jlasoon
Jlasoon's picture

So all the reindeers are woman? 

Wed, 01/08/2014 - 17:24 | 4312912 Yen Cross
Yen Cross's picture

   I'm sure it wasn't for a lack of inventory.  aka {cheap Chinese trinkets}

Wed, 01/08/2014 - 17:26 | 4312921 reader2010
reader2010's picture

Too bad beacuse those Chinese only shop at Tiffancy's.

Wed, 01/08/2014 - 17:29 | 4312934 rumit
rumit's picture

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.

Wed, 01/08/2014 - 17:46 | 4312993 Jlasoon
Jlasoon's picture

Notice where the new stores will be opening?

Middle America fucked, tourist traps rejoice. I'm about 30 miles from 

  • University Town Center, Sarasota, FL (160,000 square feet; to open in fall 2014; approximately 175 associates);

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.

Wed, 01/08/2014 - 18:25 | 4313170 walküre
walküre's picture

You know how they can afford to drop $400 million on building a mall, right? Ben pretty much gave it to them.

Wed, 01/08/2014 - 19:33 | 4313364 NotApplicable
NotApplicable's picture

"Hey buddy, got any MBS?"

 

Wed, 01/08/2014 - 19:06 | 4313276 max2205
max2205's picture

Sorry.....follow the disability money...fixed it

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