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Macy’s is closing its apparel store at Westfield Mission Valley mall, beginning next week. Yesterday's announcement of the store closing came on the same day the struggling department store’s shares tumbled 6%, after the company posted disappointing holiday sales, reports the San Diego Union-Tribune. This Macy’s store is one of 68 stores Macy’s plans to close nationally this year. Store closings will affect about 3,900 employees, 140 of them at the Mission Valley location.
Designed by local architect William Lewis Jr., the three-level, 385k SF Westfield Mission Valley store, which originally opened as a May Co store, had been designated a historic building by the city’s Historic Resource Council. It was the original anchor of one of San Diego’s first regional malls. The mall was built following a landmark decision by the city council to rezone the valley for commercial use.
Westfield had purchased the building from Macy’s for $16.5M earlier this year. Macy’s lease on the building expires this month. The mall’s second Macy’s store, which was formerly a Robinson-May store, sells Home Goods and will remain open. A third Macy’s store will remain open at nearby Fashion Valley shopping center. Macy’s has seven other stores in the San Diego region.
The company announced 100 closings last year in an effort to “right-size our physical footprint,” according to Macy’s chairman/CEO Terry J. Lundgren. “We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate. These are never easy decisions, and we are committed to treating associates affected by these closings with respect and transparency." Macy’s is also closing stores in North Hollywood, Santa Barbara and Simi Valley. [SDUT]
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