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Macy’s Will Close 150 Stores, Expand Small-Format Footprint
Macy’s, Inc. said Tuesday it would close 150 underperforming stores, including 50 in the current fiscal year, while prioritizing investment in approximately 350 go-forward locations and the continued expansion of small-format stores. The retailer also plans to monetize between $600 million and $750 million of assets through 2026.
The closures, and an emphasis on the luxury retail segment, were announced part of a strategic initiative known as A Bold New Chapter. As part of the strategy, approximately 15 Bloomingdale’s nameplate stores and at least 30 new Bluemercury stores and roughly 30 Bluemercury remodels are expected to be opened in new and existing markets over the next three years.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” said Tony Spring, CEO, Macy’s, Inc. “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.”
The announcement coincided with fourth-quarter and full-year 2023 earnings results. The company posted a loss of 26 cents per diluted share in Q4.
