US department store chain Macy’s has confirmed the imminent closure of 66 of its stores, marking a decisive step in its strategic overhaul.
These closures are an integral part of the retailer’s “Bold New Chapter” strategy, unveiled in February 2024, which aims to steer the company back to a path of sustainable and profitable growth.
The plan outlines the closing of approximately 150 underperforming locations over three years, while simultaneously increasing investment in a core set of 350 “go-forward” Macy’s stores by fiscal year 2026.
Macy’s President and CEO Tony Spring said, “Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underperforming Macy’s stores so we can focus our resources and prioritize investments in our thriving stores , where customers are already responding positively to better product offerings and improved service.”
Since the launch of the Bold New Chapter strategy, targeted investments in a pilot group of stores, known as the “First 50”, have driven sales growth for three consecutive quarters.
These improvements were 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 is committed to expanding these upgraded shopping experiences across multiple locations across the country and through its digital platforms.
In an effort to reinvent the consumer journey, both physical and digital, Macy’s has made it easier for customers to find information about local upcoming stores through an updated customer FAQ and store locator on its website.
This confirmation follows announcement for December 2024 that Macy’s will accelerate its store closing strategy by planning to close 65 locations within a year, up from a previously expected range of 50 to 55 stores.
In the third quarter of fiscal year 2024, Macy’s reported a 2.4% decline in net salesbringing in $4.74 billion compared to $4.86 billion in the same period last year.
“Macy’s Confirms Closing 66 Stores Under Revitalization Plan” was originally created and published by Retail Insight Networka brand owned by GlobalData.
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