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.
Editors' Picks
Sponsored by
More on Majors
The Latest
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
Weekly QuizJan 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in TucsonThe new addition will feature finished jewelry created using “consciously sourced” gemstones.
ColumnistsJan 28, 2026
Peter Smith: Setting the Next Generation Up for SuccessIn his new column, Smith advises playing to your successor's strengths and resisting the urge to become a backseat driver.
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in JanuaryThe index fell to its lowest level since May 2014 amid concerns about the present and the future.
IndependentsJan 28, 2026
Foundrae Heads to Aspen for Latest Store OpeningThe new store in Aspen, Colorado, takes inspiration from a stately library for its intimate yet elevated interior design.
FinancialsJan 28, 2026
Tiffany & Co., Bulgari Sales Resilient as LVMH’s 2025 Sales SlipThe brands’ high jewelry collections performed especially well last year despite a challenging environment.
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal DiamondsThe collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana SapphiresThe initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking ToolThe new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.
SourcingJan 26, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.
MajorsJan 26, 2026
BIJC Names 5 New Board MembersThe new members’ skills span communications, business development, advocacy, and industry leadership.
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love StoriesThe jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.
GradingJan 26, 2026
DCA Updates Colored Gemstone CourseThe new features include interactive flashcards and scenario-based roleplay with AI tools.
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
