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.

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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.

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