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
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
Weekly QuizOct 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
SourcingOct 23, 2026
Rachel Chalchinsky’s ‘Survivor Tribute’ RingThe ring, our Piece of the Week, was designed by eight-year breast cancer survivor Rachel Chalchinsky of Color Source Gems.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
FinancialsOct 23, 2026
Kering’s Jewelry Sales Up Double Digits in Q3Boucheron and Pomellato had a strong third quarter, with Kering looking at jewelry as an increasingly important part of its portfolio.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
