Department stores across the industry have been taking a hit amidst these economically turbulent times — more so than that of supermarkets. Between stagnant job markets, rising inflation rates, and now, massive tariff increases, the bottom line is that consumers simply are barely affording their needs like food and rent. Even a simple purchase like a new pair of shoes could disrupt an average shopper’s budget.
This is likely part of the reason behind Macy’s decision to shut the doors of one hundred and fifty of its stores for good. The company has shared that these closures are merely a part of their “Bold New Chapter” initiative, and whilst this type of restructuring can help, it is no hidden fact that the entire retail sector will remain struggling — at least for the foreseeable future.
Amongst the Macy’s locations slated to be shuttered, the iconic Downtown LA, 7th Street branch is one of them meaning the area will be without a department store for the first time in over a century.
Downtown LA is losing its last department store
The famous 7th Street Macy’s actually has predecessors dating all the way back to the 19th century, however recent bad times has compelled the retailer to close down this location. The last standing department store in Downtown Los Angeles is now littered with clearance sale signage and emptied shelves. The one silver lining of a store closing down is the sales and Macy’s is offering discounts of up to 70% on items for its final days at this location.
This closure comes as a result of the company’s announcement last February wherein they revealed that 150 stores across the country would be closed as part of their “Bold New Chapter” strategy. Many retailers are taking this sort of approach in recent months so as to keep up with the rise of online stores and rising costs of living.
Closing any store is never easy,” chairman and chief executive officer of Macy’s, Inc., Tony Spring shared in a statement. “But as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores.”
In 2015, this particular Macy’s reopened as part of The Bloc shopping center but the store’s history is much richer. Over half a century ago, a Broadway store opened in the very same location and this Macy’s is a descendent of it. Broadway Street, four blocks east was the original location of the Broadway store in 1973 — a location it had held since 1896. With this looming closure of Macy’s, the Downtown Los Angeles area will be without any sort of department store for the first time in close to 150 years.
History of Downtown LA
The first department store to grace the streets of LA was Coulter’s who opened in 1878 on Temple and Spring Streets. This store was later taken over by Broadway in 1961.
The 7th Street Macy’s has been evolved from just about every department store name from Robinson’s and Bullocks, to the May Company. Once upon a time Seventh and Broadway was amongst the nation’s busiest intersections which featured an enmeshment of overhead wires that powered one of the world’s largest railway systems that brought shoppers to and from this entertainment filled street.
From luxury hotels, tea rooms, and auditoriums to movie palaces and dedicated personal shopper services, Downtown LA truly was the place to be once upon a time. Now, whilst the area will no longer be graced with an old-school department store, other options like Target, Uniqlo or Nordstrom are still available for shoppers to peruse when looking for their next outfit for a night out.