Macy’s has unveiled plans to close 66 stores across multiple states, including Arizona, California, Florida, and New York, as part of its "Bold New Chapter" revitalization strategy, USA Today reported this week.
These closures are part of the retailer's broader goal to shutter approximately 150 underperforming locations by 2026 and refocus on 350 "go-forward" stores, as they were tagged by CEO Tony Spring in a statement.
This measures aims to refocus and direct resources toward improving high-performing locations. Macy’s also plans to expand its portfolio with 15 new Bloomingdale’s stores, over 30 Bluemercury locations, and additional remodeling efforts for Bluemercury branches.
Despite overall third-quarter sales dipping 2.4% to $4.7 billion, Macy’s reported a 1.9% sales increase at its "First 50" stores, which are a primary focus of its revitalization plan. Sales at Bloomingdale’s and Bluemercury also grew compared to the previous year.
In December, Macy’s indicated it would exceed its earlier closure projections. Originally targeting 50 store closures by the end of 2024, the company revised that number to 65. This adjustment reflects its strategic shift to invest in modernizing key stores while phasing out less profitable locations.
The "Bold New Chapter" strategy underscores Macy’s efforts to adapt to changing consumer trends, optimize store performance, and enhance customer experiences. By 2026, the retailer expects to complete its transformation, reducing its store count to approximately 350 locations nationwide.