mark.a.m
New Member
Thornhill Square Shopping Centre at Bayview and John Sts. in Thornhill had a Kmart that was converted to a Winners, and Zellers when Kmart was acquired by HBC, then was demolished in 2003.
The announcement was issued alongside an unfavorable earnings report, showing comparable store sales dipped 2.1% last quarter. The news caused its stock to plunge nearly 10% during after-hours trading Wednesday.
Macy's (M) said it expects to layoff about 3,900 workers as a result of the upcoming store closures, and another 6,200 jobs will be cut as the company works to streamline its management team, according to a press release.
A few stores have already been shuttered, but 63 will close down between now and mid-2017, leaving about 660 U.S. stores left open. The closings are among the 100 stores Macy's said last August that it intends to shutter.
The expected savings from these cuts will be invested in the company's digital business as well as marketing efforts including Bluemercury, Macy's Backstage and China, Macy's said.
Mark Cohen, a professor at Columbia Business School, said it's not the last time Macy's will make this type of announcement.
"It's a very hard day for the folks involved obviously, but I would also say it's inevitable," Cohen said. "And there's definitely more to come."
He said that Macy's -- and its competitors in the brick-and-mortar retail industry -- have been "unwilling to fully acknowledge the reality of their business performance," and he expects job cuts and store closures to be an ongoing trend in 2017.
An earnings report posted by Kohls (KSS) Wednesday followed the trend. The company posted a disappointing holiday sales season and lowered its earnings guidance for the 2016 fiscal year. Its stock dipped more than 7% during extended trading hours.
Its amazing to see these old photos and how these places used to be. Thanks to those that were able to save, find and share. Some of these even look better than the current stuff, if only because they are more interesting in design! Love it!Vintage Canadian Malls / Department Stores:
http://www.flickr.com/photos/darrellinyvr/sets/72157624952216717/with/4965316063/
Simpsons, Sherway Gardens
Eaton's, Yorkdale
Yorkdale, Simpson's Court
Yorkdale, Simpson's Court
Simpson's, Fairview Mall
HBC, Fairview Mall - nice logo signage!
Fairview Mall phone booths
Trivia:
As far as Scarborough Town Centre goes:
Simpsons -> The Bay
The Bay -> Wal-Mart (Wikipedia claims Sears was located in between - was this true?)
Eatons -> Sears
I saw another post here that was close as well. But from my recollection, STC had Eaton's and Simpson's (not Simpson-Sears, it was a Robert E. Simpson Store). In the late 1970s the STC expansion was built adding The Bay department store and over 200 shops. These expansion halls connected Eaton's (where the "3-silver ball fountain was) to Simpson's (remember the rising and falling balloons fountain?). When Simpson's was acquired by the Bay, this store survived until early 1990s. Simpson's merged with its parent - the Bay. Then, the Bay moved into what WAS the Simpson's store at STC. Sears then took over the Bay's old location (in the expansion). Eaton's stayed as is. When Eaton's went defunct (also in the 90s) it was acquired by Sears. When Sears folded eaton's after trying to keep some stores afloat under the Eaton's brand, it too merged the stores and Sears moved to Eaton's original location. That's when Walmart came in to fill the void left by Sears at STC.
I think Towers and Food City were under the same ownership?
I think Towers and Food City were under the same ownership?
This was also true of the original Westside Mall by the future Caledonia station.And they even built miniature malls with Food City on one end, and Towers on the other. Galleria Mall was one, Kipling-Queensway was another (the Towers became Zellers, the Food City stores became Price Chopper/Freshco or Sobey's). There was one in Woodstock that's now the site of the Toyota plant.
Westwood would be an example too in Malton. I think the Miracle Mart wing was a later extension.And they even built miniature malls with Food City on one end, and Towers on the other. Galleria Mall was one, Kipling-Queensway was another (the Towers became Zellers, the Food City stores became Price Chopper/Freshco or Sobey's). There was one in Woodstock that's now the site of the Toyota plant.
Westwood would be an example too in Malton. I think the Miracle Mart wing was a later extension.