That's a bad sign, right? As for Macy's store closings, they're actually right in line with Lundgren's previously announced plans to "... selectively close under-performing stores that no longer meet our performance requirements..." Somewhat lost in the store closure announcement are Macy's plans to open five new stores this year and replace or expand four others. The store closings will result in Macy's taking a one-time, $2 million to $4 million charge in Q4. So, what now for Macy's? Nordstrom and Saks get all the attention from investors, and much of it is warranted. But at 16 and 23 times earnings, respectively, it could be successfully argued that the upsides of both Nordstrom and Saks are limited, at least in comparison with Macy's. With a trailing earnings multiple of 11.6, and a current share price trading at a mere 9.8 times future earnings, you'll be hard-pressed to find a better value in the industry than Macy's.