Macy’s Is Closing Their Downtown Portland Store
By PDX People
PORTLAND, Ore. – Thanks to the Internet and the birth of e-commerce many once proud stores from the 20th Century have ceased to exist.
Although Macy’s hasn’t gone the way of Gimbels Department Store, the retailer struggles to survive and stay relevant in the 21st Century which is why they will soon be closing their Portland Oregon store.
A Part of Portland Is Gone
There’s no denying that the closing of another Macy’s store is a sign of the times especially since it’s easy for anyone to buy what they need from their phones, rather than traveling to a store to see that item in person before purchasing it.
What most people don’t know is that Macy’s has been a part of Portland Oregon since 1857 and it once was considered to be the “heartbeat” of Portland since people from across Oregon traveled to Portland just to shop there.
In total Macy’s is planning on closing more than 100 stores nationwide since the sales from their physical stores have been in decline for years and the company struggles to remain relevant like Walmart, and other well-known institutions of American commerce, who are transitioning from all brick and mortar locations to online commerce.
Holding On
Even though Macy’s has been experiencing hard times thanks to e-commerce, the retailer still continues to hold on financially while it restructures its operations.
The retailer has already sold its Union Square men’s store in San Francisco (the department will be consolidated with its main Union Square store) and continues to explore options for its downtown flagship locations in Minneapolis, Chicago, and New York City.
Macy’s surged 5.6 percent, closing at $40.53, Thursday after posting fiscal third-quarter results. The retailer reported net income of $17 million, or 5 cents a share. Adjusted for non-recurring costs, profit came to 17 cents a share. It also posted revenue of $5.63 billion, in line with Wall Street expectations.
Shares have increased roughly 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 6 percent.
Last Christmas at Macy’s
If you’re in Portland’s during the holiday season don’t forget to stop by Macy’s and enjoy their iconic window displays and have a visit with Santa because the store will be closed by the spring of 2017.
Although Macy’s is closing, developers and historical building activists are campaigning to keep the exterior of the Meier & Frank Building the same, and there’s talk about turning the building into a mixed-use building where offices will be on the top and a store at the bottom.
Are you sad about Macy’s closing? Leave us a comment below!
