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US departments store chain Macy's has confirmed the impending closure of 66 of its stores, marking a decisive step in its strategic overhaul.
These closures are integral to the retailer's "Bold New Chapter" strategy, unveiled in February 2024, which aims to steer the company back to a path of sustainable and profitable growth.
The plan outlines the closure of approximately 150 underperforming locations over three years, while concurrently amplifying investments in a core set of 350 "go-forward" Macy’s stores through fiscal 2026.
Macy’s chairman and chief executive officer Tony Spring said: “Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritise investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service.”
Since the inception of the Bold New Chapter strategy, targeted investments in the pilot group of stores, known as the "First 50," have spurred sales growth for three consecutive quarters.
These enhancements have also been reflected in record customer satisfaction scores for the Macy’s brand.
In 2025, the retailer is poised to strengthen its retail presence with an improved store portfolio and is committed to extending these upgraded shopping experiences across more locations nationwide and through its digital platforms.
In an effort to reimagine the consumer journey both physically and digitally, Macy's has made it simpler for customers to find information on local go-forward stores via an updated Customer FAQ and Store Locator tool on its website.
This confirmation follows the December 2024 announcement that Macy’s would expedite its store closure strategy by planning to cease operations at 65 locations within a year, up from the previously anticipated range of 50 to 55 stores.
In the third quarter of fiscal year 2024, Macy's reported a net sales dip of 2.4%, bringing in $4.74bn compared with $4.86bn during the same period in the previous year.
"Macy’s confirms closure of 66 stores under revitalisation plan " was originally created and published by Retail Insight Network, a GlobalData owned brand.
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