Business
Macy’s Closures to Usher in a New Era of Mall Transformation: Apartments, Hockey Rinks, and Amazon Warehouses
Macy’s decision to close nearly a third of its stores by early 2027 is expected to bring significant changes to shopping malls and communities across the U.S. The retailer plans to shut down about 150 of its namesake locations, which account for 25% of the company’s gross square footage but less than 10% of its sales. This move is part of Macy’s strategy to invest more in the remaining 350 stores and focus on expanding its more successful brands, like Bloomingdale’s and Bluemercury.
As Macy’s exits these locations, malls will face the challenge of filling the large spaces left behind. Macy’s stores typically range from 200,000 to 225,000 square feet, and few single tenants are capable of occupying such expansive areas. Even major retailers like Nordstrom and Belk, which once opened large stores, are no longer pursuing that strategy.
However, Chris Wimmer, senior director at Fitch Ratings, sees the closures as an opportunity for many malls. He believes that the departure of Macy’s could accelerate the transformation of low-performing malls that are no longer viable. For healthier malls in good locations, the closures present a chance to repurpose prime real estate, potentially revitalizing the shopping centers.
In some cases, the vacant spaces left by Macy’s could be redeveloped into more relevant real estate projects, such as medical buildings, retirement communities, grocery stores, or even Amazon warehouses. However, in areas with declining foot traffic or less desirable locations, the vacant Macy’s stores might become difficult to repurpose, potentially leading to further decline and blight.
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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