December 19, 2024
Macy’s plans to close 150 store locations over the next three years as the retail giant embarks on its ‘Bold New Chapter.’
Finding a Macy’s is going to get a little more difficult. The department store chain will close about 65 locations by the end of January 2025.
Macy’s chairman and CEO Tony Spring reported the closures during Macy’s, Inc.’s third quarter 2024 earnings conference call on Dec. 11, according to a call transcript released by The Globe and Mail.
Store closures in 2025 are part of the chain’s “Bold New Chapter,” which will find 150 locations shuttered over the next three years.
“…We believe our Bold New Chapter initiatives, including the closure of roughly 65 non-go-forward locations this year, gets us even closer to our go-forward end state of becoming a more profitable Macy’s, Inc.,” Spring said.
ComingSoon.net reported that total net sales for the mega-retailer were $4.7 billion, a 2.4% decrease from last year. Spring reported positive third-quarter comps with both Bloomingdales and Bluemercury.
Macy’s operates 503 retail and small format stores, but as it focuses on its “Bold New Chapter,” announced back in February, the retailer wants to return to enterprise growth, focusing on the luxury market, strengthening its nameplate, and modernizing end-to-end operations.
In 1858, the department store chain opened its doors as a small dry goods shop on 14th Street in New York City. Macy’s opened its Herald Square location in 1902 and became the largest store in the world after completing its 7th Avenue addition over two decades later. The organization hosted its first parade in 1924, now widely known as the “Macy’s Thanksgiving Parade.”
The retail giant launched its online shopping platform, macys.com, in 1996. Between 2009 and 2011, Macy’s and Bloomingdale’s reached more customers by launching social media programs and by offering International Shipping online.
“America’s Department Store” has not announced what locations will be permanently closed.
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