Retail chain Macy’s has announced plans to close down more locations within the next few years, which are part of its plans to take it to a “bold new chapter.”
These new plans involve the closure of roughly 150 of its “underperforming” locations, 50 of which will occur during the company’s current fiscal year and all of which will be completed through 2026. The company will also prioritize investment in 350 other stores that it will still have by then.
“A Bold New Chapter serves as a strong call to action,” Macy’s Inc. CEO Tony Spring said. “It challenges the status quo to create a more modern Macy’s, Inc. We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value. Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders.”
Beyond shrinking down its number of Macy’s stores, Macy’s Inc. is also seeking to invest more in other brands that it owns, including Bloomingdale’s and beauty store Bluemercury.
The announcement from Spring comes shortly after he took on the reins of Macy’s after the departure of Macy’s President Jeff Gennette. Gennette had served in the position since 2017, during which Macy’s stock price dropped drastically to just $18, a far cry from its previous high of $73 in 2015.
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Last month, Macy’s announced that it would be laying off 2,350 employees, equating to about 3.5% of its workforce. The announcement also revealed that multiple locations, including in Arlington, Virginia, San Leandro, California, and Tallahassee, Florida, would close.
The Washington Examiner contacted Macy’s for comment.