Anchor Stores In Local Malls Could Close
A major retailer located in both Crossgates Mall and Colonie Center is in jeopardy of closing. The company announced today that over one hundred anchor stores in malls across the country will close. According to CNBC.com, retail giant Macy's will be closing its stores in malls to restructure and make them more profitable. It was announced that they will close nearly one hundred twenty-five of the underperforming anchor stores inside malls over the next three years. There are thirty additional stores that are in the process of closing.
The plan is to shutter the large department stores inside malls and open up smaller format stores in strip malls. Long-term, Macy's will open smaller stores called the Market by Macy's that will carry similar brands and products sold in the mall stores like accessories, home goods, beauty products, and apparel. This will be done on a smaller scale in shopping centers more accessible and off of main roads.
There is no list yet of which Macy's department stores are on the chopping block. Let's hope that Crossgates Mall and Colonie Center Macy's aren't underperforming and will remain open. Only time will tell.