Macy’s is closing 66 store locations that it has stated are underperforming. The closures are a part of the storied retailer’s turnaround technique.
The firm referred to the brick-and-mortar shops it is shuttering as “non-go-forward” places. They embody outposts in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, New Jersey, New York, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Virginia and Washington.
Macy’s goals to shut 150 “underproductive” shops over three years, whereas investing within the 350 places it has deemed value persevering with to function as a part of its “Bold New Chapter” technique, introduced in February 2024.
“Closing any retailer isn’t simple, however as a part of our Bold New Chapter technique, we’re closing underproductive Macy’s shops to permit us to focus our sources and prioritize investments in our go–ahead shops, the place clients are already responding positively to raised product choices and elevated service,” Tony Spring, chairman and chief govt officer of Macy’s, stated in a press release Thursday.
Macy’s is hardly the one retailer to shut shuttering brick-and-mortar places. The firm’s acceleration of store closures comes as big-box shops battle, with fewer consumers visiting malls and extra Americans buying necessities on-line, a shift that occurred throughout the pandemic.
U.S. retailers have introduced greater than 7,100 retailer closures by the top of November 2024, marking a 69% bounce from the identical time final yr, in response to knowledge from analysis agency CoreSight. Forty-five retailers filed for chapter in 2024, in contrast with 25 retail bankruptcies in all of 2023, in response to the report.
As Macy’s closes shops, it’s betting on the success of its different manufacturers, together with the higher-end Bloomingdale’s and cosmetics chain Bluemercury. The retailer plans to open 15 Bloomingdale’s shops and 30 Bluemercury places over the subsequent three years, whereas additionally transforming about 30 present Bluemercury shops, the corporate stated.
Here is the complete list of stores Macy’s will shut in 2025.
