Results tagged “fields”

For some time now, Macy’s has been sitting quietly in Chicago’s retail corner, attempting to appeal to some kind of market and curb the company’s tumbling earnings, all while attracting minimal attention from pissed off former Field’s customers. But while local department store equivalent Von Maur is doing well, with plans for store expansions, Macy’s continues to trim jobs (it’s called “restructuring,” y’all). The latest: an undisclosed number of support positions across the board at former Field’s stores, with about 10 alteration and personal shopper positions eliminated at the State Street flagship store.

It was a rough week for Macy’s, people. 2,500 jobs cut. January same-store sales down 7.1%. Let’s just put that into perspective: sales are nowhere near expectations across the board. A survey of 43 retailers by the UBS-International Council of Shopping Centers indicated that January sales were only up 0.5%, a percentage point below the anticipated 1.5%. Macy’s, on the other hand, anticipated their sales were going to be down 4 to 6%.

Further evidence that Macy’s strategies are not headed in the successful direction executives hoped, Macy’s North, the division that operates Macy’s in the Midwest, announced Friday the layoff of 271 employees, citing lagging sales. Combined sales for November and December were down 1.1%, while December’s sales were down 7.9%, significantly worse than the anticipated 4 to 7 percent drop over last year. January’s same day sales are expected to dip 4 to 6 percent.