Macy’s Downsizing Reflects Larger Retail Trends

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GLOBEST.COM,  – February 28th, 2024  

Macy’s is closing 150 stores. What dose that say about retail?


Stephen Bittel, Founder and Chairman of Terranova Corporation, tells GlobeSt.com that during the past decade, traditional department stores have struggled to stay relevant as shoppers increasingly opt for luxury or deep discount alternatives.
 
 
“Compounding the issue is their reliance on primary locations as rent-free anchors in regional malls, most of which are experiencing declining foot traffic,” Bittel said.
 
 
“If department stores had to pay market rent on most locations, they might have folded by now. The most valuable asset they hold is real estate in major urban markets, ripe for redevelopment. However, tight capital markets hinder this transformation, leaving them with limited time to reinvent themselves.”.
 
 

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Overhaul: Coral Gables spruces up the Miracle Mile streetscape

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FLORIDA TREND — June 2016 — BY ROCHELLE BRODER-SINGER. To boost evening and weekend business, downtown Coral Gables is undergoing major streetscape improvements. The two most radical changes on Miracle Mile will be 23-foot-wide sidewalks that can accommodate outdoor dining (sidewalks are currently 15 feet wide) and parallel parking along the street instead of angle parking. There will also be gardens, landscaping, more trees, decorative lighting and better directional signs, along with a new drainage system.

The parking change is the m ost controversial, since it will mean 96 fewer spaces (out of 236). Retailers – mostly locally owned stores – worry that customers who can’t easily park in front of their stores will go elsewhere.

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