Macy’s announces closure of 66 ‘underperforming’ stores; additional 80 closures planned
Macy’s has disclosed the locations of 66 stores set to close, situated in states like Arizona, California, Florida, and New York. The retailer aims to close around 150 stores as part of its revitalization strategy.
Macy’s has identified 66 of the 150 stores that will be closed under its revitalization strategy.
The company announced back in February 2024 that it would close 150 “underperforming” Macy’s locations by the year 2026. This initiative aims to guide the retailer back to a path of sustainable and profitable growth, as explained in a press release on Thursday.
Alongside the closures, Macy’s plans to invest in its 350 active locations through the end of the 2026 fiscal year, which concludes on January 30, 2027, according to the news release.
“It’s always a tough decision to close stores, but as part of our Bold New Chapter initiative, we are targeting less productive locations to better allocate our resources and enhance the stores that are performing well and receiving positive feedback from customers,” stated Tony Spring, Macy’s CEO and chairman.
Additionally, the company expects to open roughly 15 new Bloomingdale’s stores and at least 30 new Bluemercury locations, while also remodeling around 30 Bluemercury stores.
Macy’s overall sales dipped by 2.4% to $4.7 billion during the third quarter ending November 2, 2024.
However, sales at Macy’s First 50 locations, where revitalization efforts are concentrated, increased by 1.9%, marking the third consecutive quarter of sales growth in that sector. There have also been sales increases at Bloomingdale’s and Bluemercury from the previous year.
How many Macy’s stores are closing?
The company has indicated that it plans to close approximately 150 stores by the end of next year, which will leave them with 350 Macy’s stores operating in the U.S.
Which Macy’s stores are closing?
Macy’s has disclosed only 66 store locations slated for closure so far, without announcing when the remaining closures will be revealed.
When will some Macy’s stores close?
The exact schedule for closing these 66 stores is not confirmed, but clearance sales are set to start in January and will last about 8 to 12 weeks. Clearance at Macy’s Backstage stores and Macy’s Furniture Galleries will commence in February and run for roughly six weeks. Customers can find nearby Macy’s locations on the company’s website.
