Macy’s will shutter 66 locations across the US as part of its new strategy to focus on removing underproductive stores in an effort to increase profitability.
The move is part of a wider plan to close 150 shops over a three-year period, leaving the retailer with 350 locations by the end of fiscal year 2026, it said last week. Nearly half of the stores to be shut are in California, New York, Texas and Florida.
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go-forward stores, where customers are already responding positively to better product offerings and elevated service,” said Macy’s CEO Tony Spring.
Since the retailer first implemented its new strategy, it has invested the money freed up from closed stores into a pilot of revamping 50 locations. Since then, those have seen an increase in sales for three consecutive quarters as well as improved customer satisfaction, Macy’s noted.
Image: A Macy’s store in New York City. (Shutterstock)
