Macy's adds to list of store closures, says it will close 65 this year

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Macy's adds to list of store closures, says it will close 65 this year

^{Published on 2024-12-13 22:40:45 - CBS News}

Macy's said it will close 65 stores this year, an increase from the 50 locations it previously announced it would shutter by the end of the fiscal year. The closures are part of its plan to eliminate roughly 150 underperforming stores over the next three years.

Macy's has announced plans to close 150 underperforming stores over the next three years as part of a strategy to adapt to the evolving retail landscape and focus on more profitable locations. This decision comes as the department store chain aims to streamline its operations and invest in enhancing its remaining stores, digital channels, and supply chain. The closures will affect about 30% of Macy's current store base, with the company also planning to open new, smaller format stores in off-mall locations. This move is part of a broader effort to reduce costs, improve customer experience, and better align with consumer shopping trends that increasingly favor online and off-mall shopping experiences. Macy's CEO Jeff Gennette emphasized that these changes are necessary to ensure the company's long-term success in a rapidly changing retail environment.

Read the Full CBS News Article at:
[ https://www.cbsnews.com/news/macys-stores-closing/ ]

N@N

Macy's adds to list of store closures, says it will close 65 this year