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Macy’s has announced plans to close 150 stores across the US, with 50 set to be shut down by the end of the year. It comes as part of a massive company reorganisation, dubbed “A Bold New Chapter” by the owners.
Under the new plans, “underproductive” locations are set to be shut down to accelerate the brand’s “luxury growth”.
After the closures, Macy’s will continue to operate at its 350 locations, including its small-format stores. It will also continue to operate at its Bloomingdale’s and Bluemercury beauty locations, which owners identify as “outperformers” for the business.
Macy’s Thanksgiving Day Parade in New York, 2023
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Macy’s Thanksgiving Day Parade in New York, 2023
(EPA)
The luxury retailer plans to open 15 new locations across Bloomingdale’s department stores, as well as 15 new Bluemercury venues. No timeline or location details have been given for these openings.
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Macy’s owners cite improving the brand’s “digital presence” as a key factor in the decision to close nearly a third of their stores. Yet it comes at a time when many bricks-and-mortar stores across the country are struggling to stave off competition from online retailers.
Macy’s final quarter sales in 2023 dropped by 1.7 per cent to $8.1bn, with digital sales down 4 per cent.
Last month, the owners rejected a $5.8bn takeover offer from investing firm Arkhouse Management, as it “lacked compelling value”.
Tony Spring, chief executive officer of Macy’s Inc., said: “Our teams are energised by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders”.
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In January, the company announced plans to cut 3.5 per cent of its workforce, or around 2,350 employees.
So far, these are the Macy’s stores facing closure:
Arlington, Virginia San Leandro, California Lihue, Hawaii Simi Valley, California Tallahassee, Florida
More about Macy's Bloomingdale retailer
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1/ 2Macy’s closes 150 stores – see if yours is on the list
Macy’s closes 150 stores – see if yours is on the list
Macy’s Thanksgiving Day Parade in New York, 2023
EPA
Macy’s closes 150 stores – see if yours is on the list
Macy’s Thanksgiving Day Parade in New York, 2023
EPA
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