SHUTTING UP SHOP: Macy’s Adds 5 More Stores to Closure List: Total Now 155 Locations by 2025
According to The Sun, Macy’s has announced the addition of five more stores to its already extensive list of locations set to close within the next two years. The struggling retailer now plans to shutter 155 branches, with 55 of those closures occurring this year.
This update came during Macy’s second-quarter earnings call, where the company revealed the increase from the initially planned 150 store closures to 155. Additionally, the number of stores slated to close in 2024 has been raised from 50 to 55.
While Macy’s has yet to confirm the specific locations of the 155 stores set to close, executives indicated that this move is part of a broader strategy to reinvest in certain areas while exiting others, according to Fast Company.
Despite the closures, Macy’s CFO Adrian Mitchell expressed optimism about the accelerated timeline, noting that the company is making these closures through real estate sales. “We’re very pleased with the traction and progress,” Mitchell said. “We’re getting very healthy responses from landlords and developers. The deal pipeline is healthy even in this environment.”
The announcement comes as Macy’s reported another quarterly decline, with weakening sales. CEO Tony Spring discussed strategies to attract more shoppers to Macy’s, Bloomingdale’s, and Bluemercury, emphasizing that the goal isn’t just to offer the lowest prices but to provide a compelling reason for customers to choose their stores.
Spring also highlighted a shift in customer shopping habits, noting that people are not spending as much as they used to at Macy’s. “We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,” he told CNBC.
Although the exact locations of the closing stores have not been confirmed, some closures are speculated. For instance, one of Macy’s iconic mall locations in Sacramento, California, might be on the list, according to previous reports by The U.S. Sun.
Macy’s is not the only retailer facing large-scale closures. The U.S. Sun previously reported that Conn’s HomePlus, a furniture chain, announced it would close all 170 of its locations after filing for bankruptcy.
