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Macy’s To Close More Than 40 Stores
The closures are part of the retailer’s larger plan to shutter 125 locations by 2023.
The Macy’s store in New York City’s Herald Square. The retailer will close 40-plus stores this year as part of its turnaround plan.
New York—Macy’s will close more than 40 stores by the middle of the year as part of a previously announced three-year turnaround plan that includes shuttering 125 locations.
The department store chain said last February it would close 125 locations, its downtown Cincinnati headquarters and offices in San Francisco, cutting around 2,000 jobs.
Nine stores have already closed recently including one Bloomingdale’s location. Of those, two have been converted into fulfillment centers.
An additional 37 stores, including one Bloomingdale’s location, across New York, Connecticut, Texas, Florida and several other states, are also expected to close this year.
RELATED CONTENT: How Macy’s Plans to Save Itself
Dubbed “Polaris,” the three-year turnaround plan also includes a revamped merchandising strategy, an updated loyalty program, and a new store concept.
Macy’s is moving away from shopping malls and shifting focus to smaller stores.
“Macy’s Inc. is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls,” a spokesperson said in an email to National Jeweler.
“To that end, we announced several store closures today that align to the guidance we provided in February 2020. These closures bring us closer to achieving the right mix of mall-based stores.”
The retailer currently operates 544 Macy’s department stores, 34 Bloomingdale’s locations, 19 Bloomingdale’s outlets and 166 Bluemercury shops, according to its website.
In other department store news, Jill Soltau is stepping down as the CEO of JC Penney this week.
The retail veteran took the reins in October 2018, making history as the company’s first female CEO, after former CEO Marvin Ellison left the company to run Lowe’s.
The retailer’s new owners, Simon Property Group and Brookfield Asset Management, said in a statement they are looking for a CEO “who is focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney.”
Simon Chief Investment Officer Stanley Shashoua will serve as interim CEO effective immediately.
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