Macy’s to Close Richmond Heights Store
- Jan 12, 2015
Macy’s has announced it will close its store in Richmond Town Center in Richmond Heights. The decision is one in a series of initiatives intended to help the company evolve and keep up with the changing face of retail.
The Richmond Heights Macy’s opened in 1998. It has 165,000 square feet of space and employs 105 people. It numbers among 14 locations Macy’s plans to close this year, together accounting for approximately $130 million in annual sales. The list also includes two other Ohio stores, in Columbus (115 employees) and Springfield (79 employees).
Macy’s said in a news release that final clearance sales are scheduled to begin on Jan. 12 and will run between eight and 12 weeks. Employees affected by store closings will be offered severance benefits or positions in nearby stores where possible.
After the closings, Macy’s Inc. will operate about 830 stores in 45 states, the District of Columbia, Puerto Rico and Guam. The company expects these changes to generate savings of approximately $140 million per year. It will reinvest them into technology and growth initiatives.
The closing of the Richmond Heights Macy’s is a blow to Richmond Town Center, which is losing one of its anchor tenants. However, in its latest retail market report, Marcus & Millichap said that development in downtown Cleveland and the numerous new jobs that are being created are bringing new retailers to the region. Grocers, fast food and discount retailers are moving into vacant space around the metro. The strong tenant demand has lowered metrowide vacancy, which reached 9.2 percent at the end of the first half of 2014 and continues to decrease.
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