Macy’s Announces First 66 ‘Underproductive Stores’ It Will Close
Macy’s said Thursday (Jan. 9) that it will close 66 store locations as part of the Bold New Chapter strategy it announced in February.
These are among the 150 “underproductive stores” the retailer said it would close over a three-year period under that plan, Macy’s said in a press release.
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go-forward stores, where customers are already responding positively to better product offerings and elevated service,” Macy’s Chairman and CEO Tony Spring said in the release.
When announcing its planned store closures in February, Macy’s also said it would invest in 350 go-forward locations through fiscal 2026.
The retailer said in its Thursday press release that investments in what it calls its “First 50” pilot stores have boosted sales for three consecutive quarters and contributed to record customer satisfaction scores for the Macy’s brand.
“Building on that success, Macy’s enters 2025 well-positioned to build momentum with a stronger store fleet and remains focused on bringing this enhanced customer experience to more locations nationwide and through its digital channels,” the release said.
When announcing its plan in February, Macy’s said the 150 store closures would affect about a third of its locations and that the retailer would focus on its luxury brands and expand its small-format stores.
That announcement followed a quarter in which Macy’s and its Bloomingdale’s brand both saw a decrease in sales.
“The shopper is still under pressure,” Spring said, per a Bloomberg News report at the time. “Inflation is still up even if it’s not as high as it was. We’re going to have to fight for our fair share and fundamentally reposition the business for growth.”
Macy’s First 50 is the overarching theme of the retailer’s Bold New Chapter strategy that aims to elevate its in-store experience and create a more seamless, omnichannel shopping journey, PYMNTS reported in August.
The company’s management placed its hopes on this strategy as it attempts to steer through a maze of declining sales, shifting consumer behavior and the relentless growth of digital commerce, PYMNTS reported in December.
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