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Which of these U.S. department stores was founded first? Macy's, Sears, J.C. Penny or Bloomingdales. Macy's chases it's roots back to the 1850s' making it the oldest department store on this list.
Macy's recently announced that it plans to close 125 of its stores over the next three years. That's almost one-fifth of all its locations. It expects 2,000 jobs to be lost and the company is hoping this will help it save money and better adapt to the changing ways in which people shop.
This is especially bad news in struggling malls. The ones where foot traffic has decreased simply because fewer and fewer people are shopping there.
Macy's is an anchor store. A major retail location that brings in a lot of shoppers that in turn visit the smaller stores around it. So take away an anchor store and the whole mall can suffer. Macy's isn't alone though. Thousands of stores closed across America last year. Some analysts have called this a sort of "retail apocalypse" but people are still spending money. They're just doing it differently and away from traditional shopping malls.
