Macy’s Store Closing

As we all have heard in the news that Macy’s will be closing a little over 30 stores in order to cut back on cost. The cost they are expecting to cut is around 400 million dollars, due to the lack of income revenue made in 2015.  This will lay off over 4,000 employees nationwide.  The question is what does Macy’s plan to do for employees that will in fact lose their jobs this year. Another question to ask is what does say about the economy and the direction in which the economy of our country is going? Here we have a multi-million possibly even billion dollar company having to close majority of its stores because of the lack of money made.  Our people not shopping because of the finances, or is it because people are shopping more online. One of the reasons that Macy’s believes sales have decreased is because there are more people shopping online than there is coming into the store.

Online sales have increased due to the more tech savvy generation that we now have. But, should it or why is it taking over so much that it is causing business to close down? Should any future business owners or other companies develop plans that center around online marketing, and an online presence?

Just a prediction that if there will be any success for the future many companies will indeed have to have some type of social media and online presence in order to derive sales.

Check out the press release from Macy’s Here.

Comment if you have a Macy’s closing in your area, and what our your thoughts on this?