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
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
