Macy’s to Close 65 Stores by 2025, Exceeding Initial Plans
Macy’s is making some big changes as it adapts to the ever-evolving world of retail. The company recently announced that it will be closing a total of 65 stores by the end of the year, surpassing its initial plan to close 50 locations.
CEO Tony Spring shared this update during an earnings call, mentioning that most of the closures will happen after the holiday season. This decision is part of Macy’s broader initiative known as “A Bold New Chapter.” The goal is to shut down 150 “unproductive” stores, which amounts to about 30% of all locations, by 2026. At the same time, Macy’s plans to focus on investing in 350 “go-forward” stores.
Spring emphasized that “A Bold New Chapter” is a call to action for Macy’s to create a more modern shopping experience for customers. The company aims to strengthen connections with customers by enhancing their shopping experiences, providing relevant product assortments, and offering compelling value.
Like many traditional retailers, Macy’s has been grappling with the rise of online shopping and shifting customer behaviors. The store closures are part of an effort to streamline operations and allocate resources to stores that are performing well and have high growth potential.
Despite these changes, Macy’s remains committed to creating engaging in-store experiences and providing value to loyal customers. However, concerns have been raised about potential job losses and the impact on communities that depend on these stores.
As the new chapter unfolds, Macy’s is navigating the retail landscape with a focus on meeting the evolving needs of its customers while ensuring a sustainable future for the company.
