Macy’s CEO Jeff Gennette discusses the direction of the company with The Enquirer’s Alex Coolidge.
The Enquirer/Kareem Elgazzar
Macy’s has lost faith in its ability to sell cosmetics, khakis and shoes in downtown Cincinnati.
Is the Fountain Square store closing a sign the retail giant has lost all faith in downtown?
Macy’s has been closing stores all over the U.S. the past year, but Fountain Square is the first to be shuttered this close to either of the retail giant’s corporate homes in Cincinnati and New York. The Cincinnati store, which Macy’s announced Wednesday will close, is two blocks from the corporate headquarters.
Red flag for the Cincinnati economy?
Business leaders didn’t read too much into the announcement as a sign there could be more bad news coming. But from the outside, the Fountain Square store closure seems to make Macy’s Cincinnati-based headquarters more vulnerable.
“The ongoing concern here is that Macy’s already has a strong presence in New York City,” Doug Moormann, a Cincinnati-based economic development consultant, told Politics Extra….