Retail stores were struggling before 2020, and lockdowns aggravated that decline. Big department store Macy's has announced more closures and layoffs.
Over the next three years, 125 stores will close. About 2,000 jobs will also have to go, in addition to the 3,900 cuts last summer. It doesn't make sense to keep underperforming stores going.
Shopping malls are going to look different when anchor stores like Macy's can't justify their presence. You probably remember that JC Penney, another anchor, filed for Chapter 11 a few years ag0. Will big malls continue to exist when anchors pull out?
from Good Housekeeping
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