Macy’s notified state officials this week that it will permanently close its store at the Lloyd Center Mall after the holiday season, the latest in a string of cuts as the department store chain struggles to survive.
The company said it will lay off all 83 who work in the 298,000-square-foot store beginning January 18. The closure is another severe blow to the Lloyd Center Mall, which lost anchor tenant Nordstrom in 2015.
Macy’s announced in February, even before the coronavirus pandemic hit, that it would close 125 stores nationwide over three years. It said the closures would come in “lower tier malls.”
Macy’s sales totaled $6.6 billion in the first half of its fiscal year, down 40% from 2019. It reported a $4.0 billion loss durign that period.
Department stores are facing enormous pressure from changing shopping habits, which have pulled potential customers out of cavernous indoor spaces as they shop in front of their computers or seek out distinctive neighborhood retailers.
The coronavirus pandemic has added another severe blow. While Oregon’s safety measures allow retailers continue operating, at modestly reduced capacity, COVID-19 has accelerated the trend toward online shopping.
Macy’s closed its flagship Oregon location, in the Meier and Frank building downtown, in 2015.
The Lloyd Center, distinguished by its centerpiece ice rink, is facing an existential crisis as tenants move out. It has contemplated a bowling alley, concert venue and a complete makeover to reposition the site as an outdoor community hub.
Centrally located on the city’s eastside, the property also been floated as a prospective stadium site as part of Portland’s longshot effort to attract a Major League Baseball team.
Texas-based Cypress Equities paid $148 million for the 1.2 million-square-foot mall in 2013. Neither Cypress nor Lloyd Center management immediately respond to requests for comment on Macy’s closure and the mall’s future.
The Lloyd Center site is the largest of Macy’s 11 locations in Oregon. In the Portland area, it also has stores at the Washington Square Mall, Vancouver Mall and Clackamas Town Center.
-- Mike Rogoway | mrogoway@oregonian.com | twitter: @rogoway | 503-294-7699
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November 17, 2020 at 10:41PM
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Macy’s Lloyd Center store will close in January - OregonLive
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