Macy's accelerates store closures this year
Published On Dec 12, 2024, 6:00 AM
Macy's is accelerating its store closures, now expecting to shut down about 65 locations by the end of the year, up from a previously communicated estimate of 50. This move is part of a larger strategy, termed 'Bold New Chapter', aimed at improving profitability by focusing on better-performing stores. The company is also revamping select locations and continues to invest in its brands, including Bloomingdale's and Bluemercury, which are performing well. Macy's management asserts that these closures will enhance overall business economics and sustainability.
Stock Forecasts
M
Neutral
The accelerated store closures and a strategy focusing on enhancing profitable stores indicate a potential turnaround for Macy's, as they aim to reduce underperforming locations. The emphasis on better economic performance and store revamping suggests a more focused retail strategy. However, high levels of closures might initially hurt investor sentiment.
Related News
Stock market today: Nasdaq tops 20,000 for first time as Big Tech surge leads stocks higher
Dec 11, 2024, 1:16 PM
The CPI report sets the stage for the Federal Reserve's final interest rate decision of the year.
Macy's gives update on employee who hid $151M
Dec 11, 2024, 11:16 AM
Macy's CEO Tony Spring provided a fresh update on the rogue employee that hid $151 million in delivery expenses since 2021 and disclosed the individual is no longer with the company.
Macy’s Earnings Report Details Multimillion-Dollar Accounting Error
Dec 11, 2024, 8:19 AM
Analysts see much bigger challenges for the retailer than lax accounting.