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
AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in LondonFound by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of LoveOur Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix ShowThe group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
Weekly QuizJun 11, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat RoughThe big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
