Major Retailer To Close 65 Stores After Christmas
SUMMARY
Macy’s has announced it will close 65 stores by the end of 2024, increasing its previously planned closures of 50 locations. The decision comes as part of a broader strategy to shutter 150 underperforming stores by 2026, or roughly 30% of its footprint, while redirecting resources to 350 higher-performing "go-forward" locations. CEO Tony Spring described the initiative, titled A Bold New Chapter, as a strategy to modernize Macy’s and strengthen customer relationships. “It challenges the status quo to create a more modern Macy’s,” Spring said, emphasizing investments in improved shopping experiences, relevant product assortments, and better value for customers. The closures, expected to occur after the holiday season, reflect Macy’s continued efforts to adapt to shifting consumer habits and focus on more profitable operations. The retailer aims to balance store closures with enhancing its digital platforms and refining its physical locations.
