The stock price of Macy’s Inc (M) has risen up by over 1.32% today till the late morning trading session. Since the beginning of this week, the stock price of Macy’s has gone up by over 4%. The stock closed at $36.49 on Monday.
The Ohio based company is an American holding company. It is the owner of department store chains Macy’s and Bloomingdale’s, which specialize in the sales of clothing, footwear, accessories, bedding, furniture, jewelry, beauty products, and house wares; and Bluemercury, a chain of luxury beauty products stores and spas. As of July 26, 2015, the company operated approximately 885 stores in the United States, Guam, and Puerto Rico; its namesake locations and related operations account for 90 percent of its revenue. According to Deloitte, Macy’s, Inc. is the world’s largest fashion goods retailer and the 36th largest retailer overall, based on the company’s reported 2010 retail sales revenue of $25 billion (equivalent to $27.1 billion in 2016).
Meanwhile, Macy’s continues to unload its real estate. Macy’s has sold five store locations, including one in Kentucky; to mall operator General Growth Properties, the retailer said on Monday. The Cincinnati-based department store operator will continue to operate some locations through the 2016 holiday season, but the sales are part of the company’s push to reduce its store footprint.
Each of the stores had between 60 and 120 workers. The company said workers displaced by store closings could be offered positions in nearby stores. Eligible full-time and part-time associates who are laid off due to the store closings will be offered severance benefits. The Bowling Green store was sold earlier this year. The remaining four were sold in the last three months for $46 million.
Macy’s will continue to operate the Tysons Galleria store on a lease with Chicago-based General Growth Properties. The Oklahoma City store was closed earlier this year before it was sold. The remaining three properties will operate as Macy’s through the holidays on a leased basis before closing early next year.
Macy’s recently announced Thanksgiving Parade squad boasts of a lot of big names. Former NHL players Adam Graves and Eric Lindros and U.S. Paralympic gold medalists Mikey Brannigan and Gianfranco Iannotta are also part of the lineup. Performers participating include Regina Spektor, Chloe x Halle, Brett Eldredge, Fitz & the Tantrums, Maddie & Tae, Daya and Jacob Whitesides. Also, a new balloon, named Bouncing Dog, will make her debut this year. It’ll be hard to miss the 40-foot tall dog as she makes her way down the parade route.
Our analysts have given a “HOLD” rating to Macy’s stock. The rise this week is expected to continue throughout the week. The current holders of this stock are advised not to sell it yet.