Macy's To Close Iconic Downtown Miami Store

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Macy's will shutter its downtown Miami store this quarter as part of a new wave of closures nationwide, the retailer announced Thursday.

Macy's tracks comparable-store revenue on an "owned plus licensed" basis, which means the figures include company-owned stores open for at least a year plus revenue from licensing partners that operate inside Macy's stores.

A company spokeswoman said in an e-mail to WVXU, "this closing does not impact Macy's commitment to Cincinnati".

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Business Insider first reported Wednesday that more closures were coming in 2018.

Macy's also expects a one percent decline in its effective tax rate in 2017, prompting it to increase its full-year earnings guidance by 5 cents to between $3.59 and $3.69 per share.

"Macy's, Inc. has been reviewing its real estate portfolio across the country to see if there are opportunities to improve the use of our assets", company officials said in a statement.

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"While closing a store is always a hard decision because of the impact on our customers, our associates and the community, Macy's is delighted to have served this community over the years", Monica Gubrud, Macy's Media Relations Manager said in a statement.

City Manager Harry Black called the store closing unfortunate, but said the city still benefits from having the Macy's corporate headquarters downtown.

Ahead of this year's key holiday shopping season, Macy's, like many of its retail peers, was touting its ability to lure shoppers into its stores, where it has been making bigger investments in customer service and loyalty.

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"Our primary focus in 2017 has been to continue the strong growth of digital and mobile, stabilize our brick & mortar business and set the foundation for future growth". Top-selling items included coats, boots, sweaters and fragrances. Store closures are expected in mid to late March. He said those conversations had already begun prior to Wednesday's announcement by the company.