Struggling retailer Macy's won't say if it will stay Downtown at its Fountain Square store just weeks before its lease is set to expire.
Last year, Cincinnati-based Macy's announced plans to slash 100 stores as part of its turnaround efforts. Among the stores being closed, nearly 70 were named with planned closure dates.
But Macy's didn't identify the remaining 30 stores, saying only "the company intends to opportunistically close" them in the "next few years as leases or operating covenants expire."
Macy's officials this week were noncommittal on the 20-year-old Downtown store's future, according to a report by our news partners at the Cincinnati Enquirer. But officials alluded to the retailer's plans to trim its current portfolio of 700 department store locations. They added the company typically doesn't discuss individual stores, unless they are a flagship location, such as its iconic Herald Square store in New York City.
"As you are aware, Macy’s announced a list of store closures for 2017 earlier this year, closing approximately 70 of the 100 goal," Macy's spokeswoman Andrea Schwartz told The Enquirer. "At this time we do not have anything to announce."
Typically, Macy's announces planned store closings in January – after the critical holiday shopping rush of November and December.
Arn Bortz, a partner at Mount Adams-based real estate developer Towne Properties, which is part of the group leasing space to Macy's at Fountain Square, acknowledged "periodic discussions" with the retailer. But he declined to discuss whether Macy's has indicated it will or won't keep the store open beyond the lease expiration on Jan. 31.
Macy's has slashed dozens of department stores in the past two years amid disappointing sales results. The company has also sold off parts of several valuable flagship stores, such as in San Francisco, Seattle and Brooklyn to raise money.
Late in 2016, the company also tapped Brookfield Asset Management to spend two years to study further development opportunities at 50 undisclosed sites.
Early this year, new CEO Jeff Gennette took the helm of the company, replacing long-time CEO Terry Lundgren who last week retired from the board of directors.