By now, you know Macy's is closing stores and undertaking other reorganizing and cost-cutting activities. It's tempting to say closing 100 stores won't help Macy's and the company is doomed because there's so much wrong with it.
Like the rest of the retail industry, Macy's needs to change with the times. I think closing so many stores is a big step toward that change.
Macy's 800+ store locations have made it a convenient destination for so many US residents. But as e-commerce appears set to win the battle for convenience, apparel stores need to win on something else. Keeping stores open to be the closest physical option to consumers becomes a less justifiable investment relative to putting the right extra juice behind people, merchandise and experience in more promising store locations.
I'm an ardent advocate of physical retail and I hope Macy's shrinks to get stronger, placing bets to make chosen stores much, much better. Otherwise, I agree this announcement will represent a downward spiral.
Thumbnail image is from CNBC.com.