Macy's blames sluggish sales on weak shoppinng malls
It says it will offer more details at an investor meeting in February, on what it plans to do with some of those stores.said its stores at weaker U.S. shopping malls were hurt by slower foot traffic during the latest quarter, leading to a steeper-than-expected sales decline.
"We've been investing in malls where our developers are investing and ... we feel really good about that initiative and those stores continue to outpace the breadth of our fleet," said Hal Lawton, Macy's president, during a post-earnings conference call. The trouble, however, is at the so-called C- and D-rated shopping malls, which bring in less sales per square foot than an A-rated mall.
U.S. mall owners have been struggling to find new ways to lure shoppers, with traffic dipping off as it becomes more convenient to buy things online, and store closures piling up. The strongest operators, like
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