Is Macy’s dying? — Market Mad House

It appears Macy’s (NYSE: M) is dying before our eyes. The department store legend is closing an iconic store in Downtown Seattle that’s over 90 years old.

Ironically, Macy’s leasing is the top six floors of the building to Amazon (NASDAQ: AMZN), The Seattle Times reports. Amazon now leases 11.5 million square feet of space in 47 office buildings in Seattle.

Macy’s plans to close the Downtown Seattle store in February 2020, The Seattle Times claims. The company will sell the Downtown Seattle Macy’s Building after the store closes. Notably, a hotel and offices fill most of the space in the Downtown Seattle Macy’s building.

Macy’s will Stop Selling Fur

In a related move, Macy’s will stop selling fur by the end of 2020, a press release reveals.

“Fur will no longer be sold in Macy’s, Inc. off-price stores, including Macy’s Backstage and Bloomingdale’s The Outlet,” the Press release states. “As part of this commitment, the company will be closing its Fur Vaults and salons.”

I think the exit from fur sounds like a cost-cutting move. Notably, fur is a luxury product with a little market that is controversial. In addition, fur sales can be costly and labor intensive.