Macy’s plans to close roughly 150 of its locations over the next three years in a strategy shift that leans more heavily on its luxury Bloomingdale’s and Bluemercury chains.
The company announced the shift publicly Tuesday morning, saying it was entering a “bold new chapter” with a new CEO, Tony Spring. Macy’s will be down to 350 stores once all of the planned closures occur. In turn, the company will add roughly 45 Bloomingdale’s and Bluemercury locations.
“A Bold New Chapter serves as a strong call to action. It challenges the status quo to create a more modern Macy’s, Inc. We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” Spring said in a statement.
“Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders.”
Macy’s said it was targeting under-performing locations for closure. Such locations account for 25% of the company’s square footage but just 10% of its sales, according to The New York Times. At least 50 Macy’s locations will shutter this fiscal year, with the remainder closing by the end of 2026, the company said.
The announcement comes barely a month after the company announced another series of closures in mid-January. That plan called for closing five locations and removing roughly 2,350 positions, or 3.5% of the company’s overall workforce.
