Macy’s, Inc. has announced plans to close 150 underperforming stores, with 50 closures expected in the current fiscal year. The company will instead focus on investing in approximately 350 remaining locations and expanding its small-format store concept. Additionally, Macy’s plans to generate between $600 million and $750 million through asset monetization by 2026.
These strategic moves are part of A Bold New Chapter initiative that prioritizes the luxury retail segment. As a result, around 15 Bloomingdale’s stores will be opened along with at least 30 new Bluemercury locations and roughly another 30 remodels over the next three years.
According to CEO Tony Spring, these changes aim to improve customer relationships through enhanced shopping experiences, relevant product offerings and attractive value propositions. He also expressed confidence in achieving market share growth and sustainable profitability for shareholders.
The announcement coincided with Macy’s fourth-quarter earnings report for fiscal year ending in January of this year where they reported a loss of $0.26 per diluted share.
