Home » Macy’s Announces Bold Strategy to Close Underperforming Stores and Focus on Revitalizing Customer Relationships

Macy’s Announces Bold Strategy to Close Underperforming Stores and Focus on Revitalizing Customer Relationships

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Macy’s Announces Bold Strategy to Close Underperforming Stores and Focus on Revitalizing Customer Relationships

Macy’s to Close 150 Underperforming Stores in Bold Move to Revitalize Customer Relationships

Macy’s, a symbol of the retail industry in the United States, is taking a drastic step to improve its performance by closing 30% of its commercial footprint in the country. Over the next three years, the company plans to shut down approximately 150 underperforming stores, with 50 of them expected to close by the end of 2024.

Tony Spring, CEO of Macy’s, Inc., explained that the measures are aimed at revitalizing customer relationships through better shopping experiences, relevant assortments, and attractive value. The closure of underperforming stores is expected to help stabilize Macy’s sales in the long run.

With 723 locations throughout the United States as of October 2023, Macy’s will be reducing its presence to just 350 establishments, including Macy’s, Bloomingdale’s, and Bluemercury stores. While the closures may seem significant, they only represent around 10% of the company’s total sales.

Although the specific locations that will be closed have not been disclosed, Macy’s announced earlier this year that it would be reducing its workforce by 3.5%. However, the company’s new strategy includes plans to expand its luxury brands, Bloomingdale’s and Bluemercury, by opening 15 new Bloomingdale’s stores and at least 30 Bluemercury stores, as well as remodeling around 30 existing Bluemercury stores in new and existing markets over the next three years.

Despite the challenges faced by Macy’s, the company’s bold new chapter signals a commitment to improving its performance and growing its luxury brands in the retail market.

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