Macy’s Planning To Shut Down 150 Locations

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(ConservativeHub.com) – On Tuesday, February 27, Macy’s announced that they would be shutting down 150 locations which they deemed “underproductive.” The closures are going to occur over the next three years as the sales have continued to drop and the company looks to place more attention on its higher-end brands, according to The Hill.

Last year, during the fourth quarter, the department store chain had about a 2 percent decrease in sales when compared to the final quarter of 2022. In 2023, there was a 5.5 percent decrease in net sales, while digital sales also fell by 7 percent.

Tony Spring, the new CEO of Macy’s who took the position in February, noted in a statement that he was optimistic. His statement was paired with the company’s sales report which was released on Tuesday along with an announcement about the upcoming closures.

In a statement, Spring said that in the fourth quarter, they closed off the year strongly with effective merchandising, a better omnichannel experience, and value.

Macy’s noted that as part of its new strategy, they would be closing 50 locations before the end of the fiscal year. Only 350 Macy’s stores are going to remain open by 2026. Still, the company has noted that they are going to continue investing in the stores that are left.

Macy’s Inc. might have experienced a decrease in sales, but the company has argued that they will now be placing more attention to their higher-end brands, which include Bloomingdale’s and Bluemercury. The company noted that 15 and 30 new stores respectively would be opened for each of the brands over the next three years.

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