Macy’s, the renowned retailer with a history dating back decades, has announced its store closure at Ballston Quarter in Arlington as part of its comprehensive strategy titled “A Bold New Chapter.” Confirmation of the closing comes as Macy’s Inc. said it aims to close approximately 150 underperforming locations nationwide.
The closure of stores in Arlington, Virginia; San Leandro, California; Lihue, Hawaii; Simi Valley, California; and Tallahassee, Florida, have been confirmed. However, it remains unclear if other Virginia and nearby stores are part of the closures.
The Ballston Quarter store, originally constructed as the main anchor of the Parkington Shopping Center in 1951, holds historical significance as Northern Virginia’s first major suburban shopping center. The five-story, 300,000-square-foot store was an emblem of the region’s retail landscape and, at its opening, claimed the title of the largest suburban department store on the East Coast.
“They are building something else, including a supermarket here, which means at least people are trying and not forgetting this area,” Sabrina Reynolds, an Arlington native and frequent Macy’s shopper, remarked.
“But I hate to think that times have gotten so bad that we cannot support a high-end store like Macy’s,” Reynolds added.
As she noted, the store’s fate is intertwined with the broader transformation of the Ballston area. After the inauguration of the Ballston Metrorail station in 1979, the neighborhood underwent a metamorphosis into a mixed-use community featuring multifamily residential spaces, offices, and restaurants. Parkington was rebranded as Ballston Common Mall in the early 1980s before its latest reincarnation as Ballston Quarter in 2019.
Macy’s announcement came in a news release outlining their “A Bold New Chapter” strategy, designed to steer Macy’s, Inc. towards enterprise growth. The plan, crafted by the chain’s leadership team and supported by the board of directors, revolves around three key priorities – strengthening Macy’s nameplate, accelerating luxury growth, and simplifying and modernizing end-to-end operations.
Tony Spring, CEO of Macy’s, Inc., expressed confidence in the strategy. “A Bold New Chapter serves as a strong call to action,” Spring stated. “It challenges the status quo to create a more modern Macy’s, Inc.”
Spring added in a news release that Macy’s, Inc. projects robust financial outcomes, anticipating low-single-digit annual comparable sales growth, SG&A dollar growth below the historic rate of inflation, mid-single-digit range annual Adjusted EBITDA dollar growth, capital spend below 2024 levels, and a return to pre-pandemic levels of free cash flow starting in 2025.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments, and compelling value,” Spring said.
Source: Washington Informer
