Macy's announces the closure of 4 additional Ohio stores (Columbus, Cleveland: leases, employment)

[WRnative]

<<In Ohio, Macy's stores are set to close in Lima, the Great Lakes Mall in Mentor, the Tri-County Mall in Cincinnati and the Richland Mall, according to CNBC. Macy's furniture clearance store near Eastland has already closed. >>

https://www.dispatch.com/story/busin...te/6564638002/

Earlier in 2020, Macy's closed administrative operatons in Cincinnati and Lorain.

https://www.cleveland.com/entertainm...in-lorain.html

https://www.cincinnati.com/story/mon...ay/6560670002/

However, as part of its reorganization, Macy's added nearly 1,000 jobs at its Springdale and Deefield Township employment centers in Greater Cincinnati.

https://www.cincinnati.com/story/mon...wn/4657628002/

[LTU2]

WR, do you remember the old Front Row theatre? The Richmond Mall is very close to that old site.

Macy's is probably on the way out of Ohio like the K-mart's.

[WRnative]

Originally Posted by LTU2

WR, do you remember the old Front Row theatre? The Richmond Mall is very close to that old site.

Macy's is probably on the way out of Ohio like the K-mart's.

Are you confusing the Richmond Mall (now Richmond Town Square) in Richmond Heights with the Richland Mall in Mansfield (Richland County)? The latter is where a Macy's is closing.

[LTU2]

Originally Posted by WRnative

Are you confusing the Richmond Mall (now Richmond Town Square) in Richmond Heights with the Richland Mall in Mansfield (Richland County)? The latter is where a Macy's is closing.

Yes, I was speaking of Richland Mall (town square) on Wilson Mills road in Richmond heights. I did not know the name was changed to Town Square though.

That's where the Front row theatre was, on Willson Mills road in neighboring Highland Heights.

[WRnative]

Originally Posted by LTU2

Yes, I was speaking of Richland Mall (town square) on Wilson Mills road in Richmond heights. I did not know the name was changed to Town Square though.

That's where the Front row theatre was, on Willson Mills road in neighboring Highland Heights.

The RichMOND Town Square (formerly Richmond Mall) has always been on Richmond Road at the intersection of Wilson Mills Road. I don't believe Richmond Mall ever had a Macy's; it did have a Sears store.

The RichLAND Mall, again, is located in Mansfield.

[LTU2]

Sorry, I did mean Richmond!

[wrightflyer]

Not surprised. I expect more major markets like Cleveland, Columbus and Cincinnati will probably have 2-4 stores left once this 20% store reduction settles, making the chain a more exclusive location destination. The nameplate grew way too fast with regional brands' name retirements and then the acquisition of May's regional locations made the chain to broad and bland. Too much of a good thing and made Macy's less exclusive. Even in coastal markets, outside NYC, Boston, DC and maybe Philadelphia, you will see only 2-4 stores per market. Some of this may vary based on current store locations and number of A and B Malls in the market.

Here are my Ohio market predictions:

For Cincinnati, I expect Florence or Anderson to close eventually with Florence being the more likely candidate because Simon probably has higher rent and they have two pads there versus one. Kenwood is safe and if you lump Dayton into the general commercial market, I expect Fairfield to be OK. Dayton Mall will probably close. Eventually if they add a store in the market, it would be Liberty Center, but that is unlikely at the moment and would be a new concept format, so probably smaller footprint.

Columbus will likely see Polaris and Easton remain due to mass of stores in their respective locations and traffic numbers. Easton and Polaris as well I believe just completed major renovations as well. Tuttle will be a 50/50 as that mall as seen a pretty drastic decline in A and B Tier inline store leases.

Cleveland and NEO Ohio will probably lose Warren or Boardman (one location for the Youngstown market), and dependent on other factors like lease terms and traffic levels, I expect two of the four locations to close: Blendon (Canton), Summit (Fairlawn), Strongsville and Great Northern (North Olmsted). Of those four, I expect at least either Great Northern or Strongsville to close. Demos are probably stronger in Strongsville but Summit is not too far away and Great Northern has a denser population base (and the wealthy lakeshore suburbs) in its vicinity.

Toledo with just one store at Franklin Park is likely OK. With pretty much all the small market stores such as Lima and Mansfield now closed or closing, that would wrap the closing of Macy's in Ohio. That of course is assuming the entire chain does not suddenly fold.

Total max potential store loss after the current closures finalize: 7 (Florence - Cincinnati/NKY, Anderson, Dayton, Strongsville, Blendon, Warren, Tuttle - Columbus)

Total potential new locations: Liberty Center

Keep in mind we are only 75 stores in and expect another 40-60 to close nationally by the end of the third year of planned closures.

[on3]

I can understand tri county....that mall is dead but Mentor?

Southpark mall in Strongsville isn’t closing anytime soon.

[WRnative]

Originally Posted by on3

I can understand tri county....that mall is dead but Mentor?

Southpark mall in Strongsville isn’t closing anytime soon.

One negative for Mentor is the heavy level of competition within Mentor and the proximity of Beachwood Place and Legacy Village, as many persons in the Great Lakes Mall market trek at least several times annually to northern Ohio's upscale shopping market. Lake County's great freeway systems make travel to Beachwood/Lyndhurst easy.

Google says the drive is 22 minutes between Great Lakes and Beachwood Place, and for many in western Lake County, it's even faster.

Of course, Macy's is forfeiting its presence in a big chunk of the eastern Greater Cleveland retail market. I wonder if Macy's won't eventually abandon University Heights and open a convenient, stand-alone store somewhere along the I-271 corridor.

Macy's exit may cement Dillard's presence in Mentor.

[woxyroxme]

Macy is going down the crapper for the same reason JCPenney and Sears are. When most of your stores are mall anchors and people quit going to malls they are going to have problems. The country has a problem with retail oversaturation and that divides market share to the point that no one can turn enough profit to stay open.

The Dayton Mall is doing alright as far as occupancy rates and the Sears store probably could have stayed open but Crazy Eddie loves closing stores.