Macy’s, a retail giant synonymous with luxury shopping experiences, has recently announced a strategic move that has sent ripples through the retail landscape. With plans to close a substantial number of its stores across the United States, the announcement has left many wondering about the future of their favorite shopping destinations.
Macy Stores Closing List
According to reports from USA Today and The Independent, Macy’s is set to shutter 150 underperforming locations, with 50 slated for closure by the end of this year. The decision reflects a strategic shift to optimize the brand’s portfolio and prioritize upscale offerings.
Under the new plans, Macy’s will continue operations at its remaining 350 locations, including its small-format stores. Additionally, the company will maintain its presence through Bloomingdale’s and Bluemercury beauty outlets, which are deemed as strong performers in their respective markets.
Which Macy Stores Are Closing?
In early 2020, before the pandemic, Macy’s said it would close around 125 stores over three years, which at the time was a fifth of its locations. Macy’s fell short of its target and closed 80 namesake stores. It’s currently closing another five stores before the future closing rounds begin.
Of the 150 stores marked for closure, 50 are slated to cease operations by the year’s end, signifying the swift execution of Macy’s strategic realignment. Post-closure, the retail giant will maintain operations at approximately 350 locations, inclusive of its small-format stores.
Notably, Macy’s commitment to its Bloomingdale’s and Bluemercury beauty locations remains unwavering, as these establishments are recognized as “outperformers” in the company’s portfolio.
Amidst the closures, Macy’s is not retreating entirely but rather redirecting its resources toward growth opportunities. The company has disclosed plans to inaugurate 15 new locations within Bloomingdale’s department stores and an additional 15 Bluemercury venues. However, specific details regarding the timeline and locations of these new establishments are yet to be disclosed.
CEO Perspective and Workforce Implications
Tony Spring, CEO of Macy’s Inc., expressed optimism about the company’s future trajectory, emphasizing a commitment to market share gains and sustainable growth. However, the reorganization efforts also entail significant workforce restructuring. In January, Macy’s announced plans to reduce its workforce by 3.5%, affecting approximately 2,350 employees.