COVID-19 had a significant impact on the business with most stores closed from March 18 through May 4. In addition, some malls are still closed even though Macy’s stores are open, or in some cases where malls are open, many ancillary stores are still closed, which continues to impact Macy’s sales. The department store sector will face tough headwinds coming out of 2020. The mall location strategy will continue to plague Macy’s until it can free itself of some lease agreements. Story, a store originally located in New York City’s Chelsea area with a merchandising theme that continually rotated throughout the year, was a challenge for the Macy’s department store to execute and replicate.

Source: Forbes July 01, 2020 13:09 UTC