STATEN ISLAND, N.Y. — Macy’s has announced it will revamp and modernize its shopping environment — a move which will result in the closure of 150 stores over the next two years.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” Tony Spring, Macy’s newly appointed CEO, said in a statement. “Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders.”
Calling the strategy “A Bold New Chapter,” the company noted that the move is designed to return Macy’s Inc. to enterprise growth.
“A Bold New Chapter serves as a strong call to action,” Spring added. “It challenges the status quo to create a more modern Macy’s Inc.”
It is the second major downsizing of the Macy’s chain since 2020, The New York Times reported, and will leave the company with 350 stores, slightly more than half the number it had before the pandemic.
The affected stores — still yet to be announced — are “underproductive locations” and account for approximately 25% of the company’s overall square footage and about 10% of sales. Roughly 50 locations will shutter this fiscal year. According to The Times, the company will start notifying workers on Tuesday at those stores it plans to close. No word on whether the location in the Staten Island Mall, New Springville, will survive the cuts.
Macy’s detailed its strategy in a press release, highlighting a “continued focus on digital excellence” and the expansion of small-format stores. The brand also intends to “accelerate luxury growth” by opening approximately 15 more Bloomingdale’s nameplate stores and at least 30 new Bluemercury stores — two high-end brands that Macy’s currently parents.
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