Macy’s has decided to expedite its planned store closures for this year as part of its efforts to revitalize its ailing business.
The company remains committed to closing 150 stores over a three-year period as part of its strategic initiative called “A Bold New Chapter,” introduced in February. Here’s what’s happening with this iconic retailer:
How Many Stores Will Macy’s Close in 2024?
CEO Tony Spring announced that Macy’s now expects to close approximately 65 stores in 2024, exceeding the initial estimate of 50 announced earlier in the year.
However, Spring clarified that these closures will take place after the holiday season.
ALSO READ Tourism marketing trends in 2025: How will travel change?
The company plans to reduce its store network to 350 locations once all scheduled closures are completed. Simultaneously, it intends to open around 45 new Bloomingdale’s and Bluemercury locations, as these brands continue to experience growth in sales.
Scheduled Store Closures for 2024:
- California: Bayfair Center, San Leandro
- California: Simi Valley Town Center, Simi Valley
- Florida: Governor’s Square, Tallahassee
- Hawai’i: Kukui Grove Center, Lihue
- Virginia: Ballston Quarter, Arlington
Why Is Macy’s Closing Stores?
CFO Adrian Mitchell emphasized that the closures are focused exclusively on underperforming locations. The primary goal is to consolidate a network of stores capable of delivering sustainable and profitable growth for the company.
Mitchell explained that these closures involve locations where customers have shifted their shopping to other centers, making them particularly challenging to operate.
He also noted that only a small number of the closed stores are in single-store markets. This is significant, he added, because in a business model combining physical and digital operations, having both presences tends to enhance profitability.
Macy’s Store Renovation Strategy
As part of its strategy, the company has prioritized the renovation of 50 key stores, known as the “First 50,” which will serve as a blueprint for the next generation of Macy’s stores.
Adrian Mitchell highlighted the positive results from these stores, which saw a 1.9% increase in sales during the third quarter.
Additionally, Macy’s plans to open nine new stores and renovate two more during the fourth quarter.
What Kind of Store Is Macy’s?
Macy’s, a well-known department store chain with a presence across the United States, has been a trailblazer in the retail industry.
The company made history by introducing innovations such as animated holiday window displays and installing the first escalator inside a department store.
Who Owns Macy’s Stores?
The company was founded in 1858 by Rowland Hussey Macy, a Massachusetts native. After his passing, the company changed ownership several times and was acquired by the Straus brothers in 1893.
What Is Macy’s Outlet Called?
Macy’s operates an outlet store called Backstage, offering customers incredible deals and discounts.
What Companies Does Macy’s Own?
Macy’s, Inc. owns the department store chains Macy’s and Bloomingdale’s, as well as Bluemercury, a beauty specialty chain, all of which have flagship locations in Manhattan.
What Brands Are Sold at Macy’s?
This department store offers a wide range of brands in categories like clothing, footwear, cosmetics, and more for the whole family.
Some of the top brands available include:
- Calvin Klein
- Charter Club
- Home Design
- Hotel Collection
- J Queen New York
- Lauren Ralph Lauren
- Michael Kors
- Steve Madden
- Coach
- Converse
- Bandolino
- Mac
- Clinique
- Chanel
- BareMinerals
- Dior
- Elizabeth Arden
- Estée Lauder
- Lancôme
- Laura Mercier
- Urban Decay
What Is the Cheapest Clothing Store in the United States?
Affordable clothing can be purchased online from U.S. retailers such as Macy’s or GAP, which offer below-average prices and items with original designs.
