Macy’s in Old Hickory Mall is one of 37 of the retailer’s department stores closing this year. CNBC reported Wednesday that this is Macy’s bid to move out of underperforming malls and trim a real estate empire that isn’t as valued as it once was. The Macy’s is one of two Macy’s in Tennessee closing this year; The Avenue Carriage Crossing in Collierville is the second.
The closures, first reported by CNBC on Tuesday afternoon, are part of a previously announced plan by Macy’s to shut 125 locations by 2023, which Macy’s outlined last February. In turn, the company has said it plans to focus on investing in the best malls across the United States and grow off-mall.
The closures by Macy’s will add to the glut of retail real estate that has gone back on the market in recent years, pummeling landlords, CNBC reported. In 2020, retail businesses from boutique apparel chains to department store operators announced more than 11,000 closures, according to tracking from the real estate firm CoStar Group.
CNBC reported that mall owners like Simon Property Group and Macerich have been tasked with filling a plethora of empty spaces. The pressures have been too much for some to handle: Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — filed for Chapter 11 bankruptcy protection in November.
Here’s the full list of Macy’s stores expected to close this year:
2. El Cajon Parkway, CA
3. Hilltop, CA
4. Brass Mill Center, CT
5. Crystal Mall, CT
6. Port Charlotte Town Center, FL
7. Volusia Mall, FL
8. Greenbriar, GA
9. Hyatt Regency (Maui), HI
10. Grand Teton Mall, ID
11. Water Tower Place, IL
12. College Mall, IN
13. Marlow Heights, MD
14. Independence Center, MO
15. Northpark Mall, MO
16. West Park Mall (MO), MO
17. Sangertown Square, NY
18. White Plains Galleria, NY
19. Great Lakes Mall, OH
20. Richland Mall, OH
21. Tri-County Mall, OH
22. The Avenue Carriage Crossing, TN
23. Old Hickory Mall, TN
24. Golden Triangle, TX
25. Post Oak Mall, TX
26. Rivercenter, TX
27. Rolling Oaks, TX
28. Vista Ridge Mall, TX
29. Commons at Federal Way, WA
30. Northtown, WA
31. Monterey, CA (Furniture)
32. Winter Haven, FL
33. Cambridgeside, MA
34. Lima, OH
35. Lloyd Center, OR
36. Santa Monica, CA (Bloomingdale’s)
37. South Towne Center, UT
These stores are already closed:
1. Park Place, AZ
2. Oakbrook, IL (Furniture)
3. Woodfield, IL (Furniture)
4. Commack, NY
5. Eastland, OH (Furniture Clearance)
6. Harrisburg, PA
7. Medinah Temple, IL (Bloomingdale’s)
8. Southwest Plaza, CO*
9. Dover Mall, DE*
*Macy’s has closed these locations to in-store shopping and has converted them into fulfillment centers.