Macy's in Downtown Miami Closing in 2018

Macy's to shutter historic downtown Miami store amid rash of closures

Macy's did not set an exact closing date.

The Macy's furniture stores in Novato and at Stonestown Mall in San Francisco will be closing. The firm expects to see around $300 million in annual expense savings from the store closures, staff reductions and streamlining of non-store functions. So far, 11 stores have been identified for closure, and four of those stores' teams have been notified, the company told CNBC Wednesday afternoon.

As the mega retailer Macy's announced closures of 11 more stores across the country, there's no word on whether the proposed 75,000-square-foot enlargement of the Staten Island Mall's department store will actually happen. The company's stock fell anyway and shares are now down about 3 percent.

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"While closing a store is always a hard decision because of the impact on our customers, our associates and the community, Macy's is delighted to have served this community over the years", the company said in a statement.

City Manager Harry Black called the store closing unfortunate, but said the city still benefits from having the Macy's corporate headquarters downtown.

Having faced pressure before from activist investor Starboard (which sold its stake in the company in 2017) to separate its real estate from its retail business, Macy's has still been taking steps to make money from those assets. CEO Jeff Gennette says the company's focus has been expanding online, stabilizing its stores and laying the foundation for growth.

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As of its fiscal third quarter, Macy's operated roughly 860 stores under various brands, including Macy's, Macy's Backstage, Bloomingdale's, and Bluemercury.

Both Macy's and JCPenney - which had increasingly faced criticism as retail's challenges seemed to disproportionately impact department stores - cited digital strength and a better omnichannel cohesion as growth drivers during the holiday season. He said those conversations had already begun prior to Wednesday's announcement by the company.

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