After Lackluster Holiday Shopping Season, Exton Square Macy’s Narrowly Misses the Axe

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The Macy's inside Exton Square Mall survived a brutal round of store closures from the retail giant.--via Flickr.

The magic of shopping is alive and well in Chester County, where the Macy’s store in the Exton Square Mall continues to serve local customers even as the company performs a disappearing act at other locations in the region and across the country.

Macy’s is closing three dozen stores this spring, including the one in nearby Ardmore at Suburban Square, after what’s shaping up as its worst holiday season since 2008 — sales dropped around 5 percent in the final two months of the year, according to a report in The Wall Street Journal. The company is blaming warm weather for weak winter apparel sales and the strong U.S. dollar for slow international tourism sales.

Terry J. Lundgren, CEO of Macy's.
Terry J. Lundgren, CEO of Macy’s.

“About 80% of our company’s year-over-year declines in comparable sales can be attributed to shortfalls in cold-weather goods such as coats, sweaters, boots, hats, gloves and scarves,” CEO Terry J. Lundgren said in the article.

Growing online and outlet trends are also pressuring the department store legend, and its stock plummeted nearly 47 percent in 2015 as a result.

“Macy’s and other mall-focused peers have all but been crushed by the shopper migration to off-mall retailers such as off-price chains,” Customer Growth Partners President Craig Johnson, a market analyst, noted.

In Ardmore, the 85-year tradition of Macy’s will end at the 102,000-square-foot store, and 74 associates will be looking for a new job. Final clearance sales are expected to begin on Monday and run for eight to 12 weeks, a CBS Philly report stated. Nationwide, Macy’s is cutting up to 4,800 positions.

Read more about the closing and its financial implications in The Wall Street Journal here and on CBS Philly here.

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