Macy‘s said it will close 66 stores across the U.S. as part of its “Bold New Chapter” plan, in an effort to eliminate redundancy and focus more resources on better-performing locations. Liquidation sales for the affected stores will begin in January and last 8 to 12 weeks, while furniture gallery and Backstage store sales will start to begin in February.
Chairman and CEO of Macy’s Inc. Tony Spring said the only way for this company to post sustainable, profitable growth is by closing losing stores. Back in August last year, this retailer said that it would shutter 150 store locations by the end of 2026 as its way of maximizing investments in another 350 store locations called the “go-forward” stores.
More profoundly affected has been the larger retail trade itself, with retail giants such as Sears and JCPenney filing for bankruptcy in recent times. Macy’s list of shuttered locations across the country runs the gamut from New York to California, Pennsylvania, and even Philadelphia’s venerable Wanamaker Building.
The city officials were dejected but at the same time, hopeful for change as a new opportunity to convert the landmark into something diverse with retail, dining, and cultural attractions. Macy’s has told its customers that such closures are part of an overall effort to change and keep pace with an evolving retail environment.
These are part of a trend in which retailers have been experiencing increases in e-commerce and changes in consumer preferences, yet there will be downsizing. Downscaling notwithstanding, Macy’s plans to invest in the remaining stores and online presence in an effort to stay alive in this difficult environment.
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