Macy’s is closing several dozen stores as part of a previously announced plan to revamp its business and attract wealthier shoppers. The company has narrowed down its footprint from around 350 locations to about 350 locations by 2026.
The 66 store closings, revealed on Thursday, are included in the multiyear initiative aimed at shifting focus to higher-end brands such as Bloomingdale’s and Bluemercury. Macy’s CEO Tony Spring stated that closing “any store is never easy” but these particular stores are “underproductive” for the company’s strategy.
In recent years, the retail industry has split into two main segments: lower-end stores focused on cost savings, and luxury brands catering to affluent shoppers who can afford higher prices. Macy’s has struggled to adapt, with activist investors urging changes to boost sales and stock performance. The company disputes this, saying it is on a path to sustainable growth.
The affected locations include flagship department stores, furniture-focused spinoffs, and bargain-priced rivals like Backstage. Liquidation sales will begin in the coming days, and some stores have already closed.
Source: https://edition.cnn.com/2025/01/10/business/macys-closes-66-stores-list/index.html