MajorsJan 23, 2024
Macy’s Rejects Billion-Dollar Buyout Offer MajorsFeb 28, 2024
Macy’s to Close 150 Stores Over the Next 3 Years
However, the retailer plans to open more locations for its luxury brands, Bloomingdale’s and Bluemercury.
Macy’s Inc. plans to close 150 Macy’s stores over the next three years, while opening more locations for its luxury brands, Bloomingdale’s and Bluemercury.
New York—Macy’s Inc. is planning to close 150 stores over the next three years as the retailer battles declining sales and wards off takeover bids.
According to its website, the retailer currently has 502 Macy’s-branded locations: 481 full-size Macy’s stores, 12 small-format stores, and nine Macy’s Backstage stores.
The company announced the planned closures in its recent fourth-quarter and full-year earnings report.
The retailer saw net sales down 2 percent year-over-year in the fourth quarter and 6 percent for the full year.
Sales at Macy’s and its higher-end banner Bloomingdale’s were down in Q4, while its luxury beauty retailer Bluemercury saw sales increase.
The company will close 50 Macy’s stores over the next year, with the remaining closures to follow, leaving the retailer with 350 locations by the end of 2026.
The store closures will represent about 25 percent of Macy’s square footage, but account for 10 percent of sales, said the company.
Macy’s did not respond to a request for comment on how many employees would be affected by the closures.
It also has not yet released a list of which stores will close.
Macy’s CEO Tony Spring, who stepped into the role this month following the retirement of Jeff Gennette, discussed the closures on the company’s earning call Tuesday.
“Our threshold to keep a store open has become more stringent,” he said. “In the past, we may have continued to operate a store that was cash flow positive. Now, the bar has been raised.”
Macy’s said it plans to focus on expanding its luxury brands, with plans to open 15 Bloomingdale’s stores and 30 Bluemercury locations by 2026.
Spring, who previously was CEO of Bloomingdale’s, also discussed the success of the retailer’s luxury banners.
“Both nameplates have been outperformers within our portfolio and are viewed as leaders in identifying up-and-coming trends and brands,” he said.
“They provide a mix of accessible and aspirational product, top-notch customer service and an elevated omnichannel shopping experience that’s warm and inviting but doesn’t take itself too seriously.”
Related stories will be right here …
According to its website, the retailer currently has 502 Macy’s-branded locations: 481 full-size Macy’s stores, 12 small-format stores, and nine Macy’s Backstage stores.
The company announced the planned closures in its recent fourth-quarter and full-year earnings report.
The retailer saw net sales down 2 percent year-over-year in the fourth quarter and 6 percent for the full year.
Sales at Macy’s and its higher-end banner Bloomingdale’s were down in Q4, while its luxury beauty retailer Bluemercury saw sales increase.
The company will close 50 Macy’s stores over the next year, with the remaining closures to follow, leaving the retailer with 350 locations by the end of 2026.
The store closures will represent about 25 percent of Macy’s square footage, but account for 10 percent of sales, said the company.
Macy’s did not respond to a request for comment on how many employees would be affected by the closures.
It also has not yet released a list of which stores will close.
Macy’s CEO Tony Spring, who stepped into the role this month following the retirement of Jeff Gennette, discussed the closures on the company’s earning call Tuesday.
“Our threshold to keep a store open has become more stringent,” he said. “In the past, we may have continued to operate a store that was cash flow positive. Now, the bar has been raised.”
Macy’s said it plans to focus on expanding its luxury brands, with plans to open 15 Bloomingdale’s stores and 30 Bluemercury locations by 2026.
Spring, who previously was CEO of Bloomingdale’s, also discussed the success of the retailer’s luxury banners.
“Both nameplates have been outperformers within our portfolio and are viewed as leaders in identifying up-and-coming trends and brands,” he said.
“They provide a mix of accessible and aspirational product, top-notch customer service and an elevated omnichannel shopping experience that’s warm and inviting but doesn’t take itself too seriously.”
The recalculation of its retail footprint is part of its newly announced turnaround plan, dubbed “A Bold New Chapter.”
In February 2020, Macy’s announced its “Polaris” turnaround strategy, which included plans to close 125 stores over the next three years and lay off 2,000 employees.
The latest strategy, developed by Macy’s leadership team and given the green light from its board of directors, focuses on “reinvigorating relationships with customers through improved shopping experiences with relevant assortments and compelling value.”
The plan prioritizes investments in its remaining stores and will include a rollout of small-format stores, with up to 30 openings through 2025.
Macy’s has struggled to compete in the online space, with digital sales declining in Q4 and the full year. The company plans to make improvements, including to its search and navigation tools, and offer a more personalized experience.
The new turnaround strategy follows news last month that Macy’s rejected a $5.8 billion takeover offer from investing firm Arkhouse Management and its partner, Brigade Capital Management.
Macy’s ranked No. 7 on National Jeweler’s 2023 “$100 Millon Supersellers” list, with an estimated $1.7 billion in jewelry and watch sales, up from $1.64 billion the previous year.
More on Majors
The Latest
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
Lab-GrownAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
TrendsAug 03, 2026
Amanda’s Style File: Spinel vs. Peridot While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
SourcingJul 31, 2026
Gemfields’ H1 Revenue Jumps 72%The miner’s ruby and emerald auctions brought in a combined $102.9 million.
SourcingJul 30, 2026
De Beers Sale in ‘Final, Most Challenging’ Phase, Anglo CEO SaysThe goal is for the De Beers sale to be finished by the second half of 2026, with the subsequent approvals process expected to take a year.
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
