January 11th 2025.
Macy's has recently made an important announcement that has caused quite a stir among its loyal customers. The department store giant has revealed its plans to close down a total of 66 store locations in the United States. This decision is part of their Bold New Chapter strategy, which was initially introduced in February 2024.
The company has stated that these closures are necessary in order for them to return to sustainable and profitable sales growth. As a part of this strategy, they will be shutting down approximately 150 underperforming stores within a three-year period. However, they also plan to invest in their remaining 350 Macy's locations through fiscal 2026.
In a statement released on Thursday, Macy's chairman and CEO Tony Spring expressed that closing any store is never an easy decision. However, in order to prioritize their resources and make necessary investments in their go-forward stores, they have to close down the underperforming ones. According to Macy's, this strategy has already shown positive results with their pilot stores, known as First 50, experiencing a boost in sales over three quarters.
It is worth noting that despite the numerous closures, Macy's flagship store at Herald Square in New York City will remain open. This iconic location holds a special place in the hearts of many customers and will continue to serve as a go-to destination for shopping.
The list of closures includes stores in 22 states across the country, with nine in California, eight in Florida, and nine in New York. However, it should be mentioned that the company's flagship store at Herald Square in New York City will not be affected by these closures. This news has brought some relief to the customers who frequent this iconic location.
As Macy's shifts its focus towards its go-forward stores, they have also announced a list of closures which includes some prominent locations such as the one in Mission Valley Home in San Diego and the store at Westfield Siesta Key in Sarasota. The closures will take place in various locations, including Arizona, Colorado, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Washington.
This news has caused a lot of buzz among customers, especially those who regularly shop at these stores. Macy's loyal customers will surely miss these locations, but the company believes that this is a necessary step in order to focus on their go-forward stores and provide better product offerings and elevated service to their customers.
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