Macy’s Announces Closure Of 150 Stores Amid Shift Toward Luxury Brands

Macy’s, a prominent department store chain in the United States, has revealed plans to shutter 150 stores — approximately 30% of its namesake chain — as part of a strategic realignment towards luxury offerings under its new chief executive, Tony Spring.

Over the next three years, Macy’s intends to close these stores while simultaneously expanding its higher-end Bloomingdale’s stores with 15 new locations and growing its luxury cosmetics brand, Bluemercury. I Photo: Bloomingdale's Facebook

Shannon Thaler reported for the New York Post detailing Macy's move to streamline its operations and prioritize upscale brands.

The decision, outlined in a Tuesday filing, aims to optimize Macy’s real estate assets by freeing up as much as $750 million.

Over the next three years, Macy’s intends to close these stores while simultaneously expanding its higher-end Bloomingdale’s stores with 15 new locations and growing its luxury cosmetics brand, Bluemercury, by adding 30 new outlets, as reported by Bloomberg.

This move marks another downsizing effort for Macy’s, reflecting a shift from its once-extensive network of 870 stores, including 643 Macy’s locations, observed as recently as 2019.

Tony Spring, the newly appointed CEO, emphasized the need for strategic repositioning in light of economic challenges, stating, “Inflation is still up even if it’s not as high as it was. We’re going to have to fight for our fair share and fundamentally reposition the business for growth.”

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