Macy's

Macy’s Announces Closure of 66 Locations as Part of Turnaround Strategy

Retail giant Macy’s has confirmed the closure of 66 stores across the United States as part of a long-term restructuring plan aimed at revitalizing the struggling brand. The closures, which were announced Thursday, are a step toward Macy’s goal of shutting down 150 underperforming locations by 2026, leaving the company with approximately 350 stores nationwide.

In a press release, Macy’s CEO Tony Spring acknowledged the difficulty of the decision but emphasized its necessity. “Closing any store is never easy,” he said. “However, these locations were underproductive, and focusing resources on our most promising stores aligns with our Bold New Chapter strategy.”

The initiative is part of Macy’s effort to appeal to wealthier customers by prioritizing high-end brands like Bloomingdale’s and Bluemercury. The retailer aims to address declining sales and strengthen its position in an industry increasingly polarized between discount retailers and luxury brands.

Spring added, “This plan allows us to invest in stores where customers are responding positively to elevated product offerings and enhanced services.”

The closures will affect a mix of department stores, furniture outlets, and the Backstage chain, Macy’s discount competitor to Marshalls and T.J. Maxx. Liquidation sales have already begun in some locations, with more expected in the coming weeks.

Macy’s has faced pressure from activist investors to unlock the value of its real estate holdings, which some argue are worth more than the company’s current market valuation. However, Macy’s maintains confidence in its strategy to return to sustainable growth, despite a 15% drop in stock value since the plan’s announcement.

The closures span multiple states, including California, Florida, New York, Texas, and Virginia. Affected stores include well-known locations in major shopping centres and malls.

List of Notable Macy’s Store Closures by State:

  • California: Sunrise Mall (Citrus Heights), Otay Ranch Town Center (Chula Vista)
  • Florida: Westshore Plaza (Tampa), Pembroke Pines, Boca Raton
  • New York: Queens, Staten Island, Brooklyn, Bronx
  • Texas: Almeda Mall (Houston), Southlake Town Square (Dallas), Plano

For a full list of closures, customers can visit Macy’s website or inquire at local stores.

While the closures mark a challenging moment for Macy’s, the company remains optimistic about its strategy to adapt and thrive in an evolving retail landscape.

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