Biden's America: Macy's Announces Closure of 150 Locations—Including Iconic San Francisco Store

Bidenomics continues to work its wonders, as department store heavyweight Macy’s announced that it’s closing 150 locations – roughly 30 percent of its stores – including the iconic San Francisco outlet at Union Square.

You don’t need an economics degree to figure out what’s ailing the venerable retail mainstay:

Macy’s, which has entered its 166th year in business, has been struggling recently with weak demand as customers cut back on spending due to stubbornly high inflation and elevated borrowing costs.
Macy’s fourth-quarter results posted Tuesday showed sales fell nearly 2% in the all-important holiday quarter.

More, courtesy of Joe:

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While the Biden administration has constantly been telling us the economy is great, the reality on the ground has been much different.

It’s the latest downsizing for Macy’s, a once-sprawling chain that operated 870 stores as recently as 2019, including 643 Macy’s locations.

The move also comes less than one month into the tenure of Macy’s new chief executive, Tony Spring, who took the helm following a four-decade career holding executive positions at Bloomingdale’s.

Not only has Bidenomics hurt Macy’s, but progressive policies in many locations, especially California, have also taken a serious toll on the company’s profitability. The Union Square loss is yet another blow for the once-wonderful metropolis of San Francisco, now a shell of itself under the regime of Gov. Gavin Newsom and Mayor London Breed:

San Francisco's leaders say Macy's is closing its iconic Union Square store for reasons that have nothing to do with crime. But the people who work at Macy's say that's a lie, and that the store is closing because of rampant theft. pic.twitter.com/XVH7AuRSWU
— Michael Shellenberger (@shellenberger) February 28, 2024

Rep. Kevin Kiley (R-CA) warns that this is what Golden State "leaders" envision for the rest of the country:

The collapse of San Francisco continues. Macy's is closing its flagship location in one of the biggest retail closures ever.

This is the "model" that SF politicians Gavin Newsom and Kamala Harris want for the whole country.
— Kevin Kiley (@KevinKileyCA) February 27, 2024

But it’s not only California that will be affected – outlets will be closing nationwide including in states like Hawaii, Florida, and Virginia.

To be fair, it’s not only Gavin Newsom and Joe Biden who have made life difficult for Macy’s – the explosive growth of online shopping and the devastating effects of the COVID pandemic also played a role. However, the general soft-on-crime approach favored by Democrats and progressives has clearly taken its toll:

Macy's closing San Francisco Union Square store
Publicly, Macy's cites "sluggish sales"
Employees say it's shoplifting and violent crime pic.twitter.com/7UloGOBLsU
— Brendan (@BrendanMcInnis) February 28, 2024

For now, at least, the retailer will be holding on to its massive store in Herald Square, Manhattan.

"Herald Square is the definition of Macy's. It's our flagship. It's iconic. It's an entire city block. As it goes, so does New York City," [new CEO Tony] Spring told Yahoo Finance over the phone. "We want this store to be successful and vibrant."

What the future holds for brick-and-mortar retail is anyone's guess. We can be sure however that crushing inflation and rampant crime certainly aren't making the lives of retailers any easier, and you'll likely be seeing some big-box stores closing in your town soon too.

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