US department store chain Macy’s has confirmed the upcoming closure of 66 of its stores, marking a decisive step in its strategic review.
These closures are an integral part of the retailer’s ‘Bold New Chapter’ strategy, unveiled in February 2024, which aims to return the company to a path of sustainable and profitable growth.
The plan outlines the closure of approximately 150 underperforming locations over three years while increasing investments in a core set of 350 go-forward Macy’s stores through fiscal 2026.
Macy’s Chairman and CEO Tony Spring said: “Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores so we can focus our resources and prioritize investments in our go-forward stores. , where customers are already responding positively to a better product offering and better service.”
Since the inception of the Bold New Chapter strategy, targeted investments in the pilot group of stores known as the ‘First 50’ have driven sales growth for three consecutive quarters.
These improvements are also reflected in record customer satisfaction scores for the Macy’s brand.
In 2025, the retailer is poised to strengthen its retail presence with an enhanced store portfolio and aims to expand these enhanced shopping experiences to more locations nationwide and through its digital platforms.
In an effort to reimagine the consumer journey both physically and digitally, Macy’s has made it easier for customers to find information about local stores through an updated Customer FAQ and Store Locator tool on its website.
This confirmation follows the December 2024 announcement that Macy’s would accelerate its store closure strategy by planning to cease operations at 65 locations within a year, up from the previously expected range of 50 to 55 stores.
In the third quarter of fiscal 2024, Macy’s reported a 2.4% decline in net sales, bringing in $4.74 billion, compared to $4.86 billion in the same period last year.
“Macy’s Confirms Closure of 66 Stores as part of Revitalization Plan” was originally created and published by Retail Insight Network, a brand owned by GlobalData.
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