Store Closures Announcement
This week, Macy’s announced plans to close 66 stores as part of its “Bold New Chapter” initiative.
This decision comes on the heels of the company’s earlier declaration in February 2024, where they stated their goal of shutting down a total of 150 underperforming outlets over the next three years.
Strategic Focus on Key Locations
Despite the difficult nature of closing stores, Tony Spring, Macy’s chairman and CEO, emphasized that this move is crucial. “We’re reallocating resources to better support the stores that really resonate with our customers,” he shared, noting improved product selections and enhanced service at these locations.
The company has chosen 50 key stores deemed essential for growth, to which they plan to concentrate investments until the end of fiscal 2026.
Impact of Store Closures
The shuttered stores will span across several states, including Florida, Texas, Michigan, Georgia, California, Colorado, and New York.
Notably, this decision will also affect numerous specialty furniture shops and a historically significant location in Downtown Brooklyn, which had recently undergone updates and renovations.
For those interested in a detailed list of the 66 stores set for closure, additional information can be found here.
Source: Entrepreneur