Jeff Ostrowski
Alexandra Clough
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Macy’s to close Palm Beach Mall store
Macy’s Inc. said this morning it will close its 190,000-square-foot store at the struggling Palm Beach Mall on Palm Beach Lakes Blvd.
Cincinnati-based Macy’s (NYSE: M) said the store has 71 employees. Macy’s also said it would close 10 other stores throughout the country.
“These closings are part of our normal-course process to prune underperforming locations each year in order to maintain a healthy portfolio of stores,” said Terry J. Lundgren, Macy’s chairman, president and chief executive, in a statement. “While new store growth has slowed in the current economy, our long-term strategy is to continue to selectively add new stores while closing those that are underperforming.”
Palm Beach Mall, the county’s oldest mall, has lost shoppers to newer malls in Palm Beach Gardens and Wellington. Dillard’s closed its store there last year.
Also this morning, Macy’s said sales for the five-week holiday season were down 4.7 percent from last year.
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Comments
By UNDERCOVER HOUSING EXPERT
January 8, 2009 9:57 AM | Link to this
The DESTRUCTION of our local economy by The Palm Beach Post continues!The Post is still pimping for vultures! The News Media INFLATES FORECLOSURE NUMBERS to scare away home buyers, according to a recent investigation by The Business and Media Institute, Realty Trac Says the Media Misrepresents Data dated March 28, 2008. The Palm Beach Post TRIPLES foreclosure numbers ignoring REPEATED warnings from Realty Trac and the Mortgage Bankers Assn. Realty Trac provides statistics based on FILINGS in EACH STEP IN THE FORECLOSURE PROCESS. There are typically three to four filings for every household in foreclosure YET the news media ignores this and MISREPRESENTS the gross number of filings as the TOTAL number of FORECLOSURES. In most case FORECLOSURES are INFLATED 300% by the NEWS MEDIA. The news media including JEFF OSTROWSKI and The PALM BEACH POST have DELIBERATELY MISLEAD READERS in order to scare away home buyers! The DRIVE BY MEDIA which includes The PALM BEACH POST have WAGED WAR against South Florida homeowners for the past four years in order to destroy the housing market. JEFF OSTROWSKI has been particularly deceptive by MASQUERADING foreclosure and distressed property consultants and SELF-PROCLAIMED VULTURE FUND PROMOTERS as impartial real estate experts to mislead the public with FABRICATED HOUSING HORROR STORIES like the frequently INFLATED FORECLOSURE STATISTICS The Palm Beach Post hypes EACH MONTH!
By Jason
January 8, 2009 1:39 PM | Link to this
Very well and maybe so. But, a drive around the two street horseshoe that I live on reveals six properties in foreclosure. A drive around the West Palm Beach and Lake Worth areas reveals a large percentage of empty, unkept homes obviously also in foreclosure. Inflated by the press or not, in reality the numbers of foreclosures are quite alarmingly high. Like it or not, foreclosures are at an all time high as documented by reliable sources other than the Post.
By HANK GOODKINBERG
January 9, 2009 1:17 PM | Link to this
The news media is clearly misrepresenting the number of foreclosures! Try finding a foreclosure in the expensive neighborhoods in East Boca, you won’t. Foreclosures don’t exist in good areas only in the “hood”! Maybe these Palm Beach Post reporters want to live in the hood, but I won’t!
By Michael Fink
January 10, 2009 8:45 AM | Link to this
It has less to do with “good” neighborhoods, and much more to do with when it was built. Go around a “good” neighborhood built in 2005. You will see TONS of foreclosures, with many, many more to come.
Go around a “decent” neighborhood built in 1985. Not nearly as many foreclosures.
It all comes down to the fact; either rich or poor, those that bought near the peak of this boom paid 2X the actual value of the home. That’s going to cause foreclosures in 100K homes, and in 1M dollar homes. The guy buying the 100K home can’t take a 50K loss any more then the guy buying the 1M dollar home can take a 500K loss. And both were probably qualified on 10X income!
Anyway, it’s much easier to figure out if foreclosure is coming or not by looking at the time of last sale. 1999 or earlier you are probably safe. Later? Frankly, probably >50% of the homes sold from 2002-2006 SHOULD go into foreclosure (if the owner is just making a rational financial decision), we will have to see what actually happens.
If you want stability, buy into older (nice) neighborhoods (which are typically near the ocean or on the Intercoastal).
By A Palm Beach Lakes Manager
November 7, 2009 9:08 AM | Link to this
I just found out that PBass Pro Shop wants to occupy 350,000 sf of space in the now defunct Palm Beach Mall and our Mayor Lois Frankle is opposing it. Wake up Palm Beachers. West Palm and the surrounding area is not being taken care by the right people. It’s going to the dogs!
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