Pier 1 will close nearly half of its stores. Macy’s will close about a fifth of its locations over three years. J.C. Penney will close six stores.
The reopenings come as Macy’s chairman and CEO Jeff Gennette said the company is forecasting a loss of up to $1.1 billion for the quarter. He discussed the company’s preliminary sales for the first quarter of its 2020 fiscal year, which ended May 2, during an analyst call Thursday.
Macy’s, which plans to to release first quarter earnings results July 1, began reopening stores on May 4 and as of this week has opened 190 Macy’s and Bloomingdale’s stores.
About 80% of the store fleet will either be open or offering curbside pickup by Friday and most stores will be reopened by late June, Gennette said. Macy’s Inc., which includes Bloomingdale’s and Bluemercury, had 775 total locations, which included 551 Macy’s stores, as of February.
“We will continue to watch customer behavior closely as we reopen more stores, and we will remain agile and adjust our plans as we go forward and open up the remaining series of stores,” Gennette said, noting customer demand has been “moderately higher than we anticipated.”
Victoria’s Secret store closings 2020: Victoria’s Secret to close about 250 stores in the U.S. and Canada, Bath & Body Works to close 50
The stores reopening Friday are in Connecticut, Florida, Hawaii, Minnesota, Missouri, Pennsylvania, Virginia. Some locations previously opened are in Florida and Missouri, as well as in Arizona, Colorado, Georgia, Indiana, Nevada, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.
Macy’s previously announced changes to its shopping experience with the reopenings, including “no-touch” consultations in beauty departments and the suspension of alteration services. Curbside pickup was rolled out as the company reopened and is now at approximately 300 stores, including stores that remain closed to the public, Gennette said.
Paula Price, Macy’s chief financial officer, said Thursday that they are reevaluating the permanent closings and “taking a hard look at both the number of stores … as well as the timing.”
Coronavirus store closings: Pier 1 Imports to shutter all stores nationwide in bankruptcy
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko
Read or Share this story: https://www.usatoday.com/story/money/2020/05/21/coronavirus-reopening-macys-memorial-day-weekend-shopping/5234732002/