Macy’s has kicked off its plan of closing down several stores across the country. The retail giant previously announced the move in February 2024 while revealing their Bold New Chapter strategy. The closures of “underproductive” stores come as part of the plan. Moreover, Macy’s chairman and chief executive officer detailed via a press release why the locations are closing down.
Meanwhile, the list has detailed several outlets in prime locations, including Los Angeles, Newark, Denver, Memphis, Houston, New York, and more.
Macy’s CEO says store closures are part of the company’s ‘Bold New Chapter’ strategy
Macy’s confirmed the commencement of the store closing plan via a press release. The retail chain noted they will be shutting down “approximately 150 underproductive stores over a three-year period” as part of the Bold New Chapter strategy. In the meantime, the plan is to invest in the business’ 350 go-forward Macy’s locations. Ahead of the final closing of the stores, Macy’s has also shared that they will run going-out-of-business sales. This is expected to take place in the first quarter of the year.
The chairman and chief executive officer of Macy’s, Inc., Tony Spring, acknowledged that the closure of any store is “never easy.” However, with the Bold New Chapter strategy, they are aiming to close “underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores.” The statement even explained that these locations are “where customers are already responding positively to better product offerings and elevated service.”
The press release further revealed the Bold New Chapter strategy has already been working in their favor. The department store chain shared that investments in the pilot Macy’s stores, which are the first 50, have boosted sales for three consecutive quarters. Moreover, it has contributed to improved customer satisfaction scores. Now, Macy’s plans to build on that success. They will be focusing on bringing the enhanced customer experience to more locations across the country. Macy’s is also working towards reimagining the shopping experience on the digital channels.
