By Danlette Grace Washington 

On February 27, 2024, Macy’s, one of America’s top retail companies revealed plans to close approximately 150 underperforming stores by 2026 while simultaneously expanding its presence in other key locations.

This decision came as a significant move aimed at reshaping its retail footprint, Macy’s, Inc. The announcement was made on Wednesday, via the company’s website as part of its broader strategy titled “A Bold New Chapter.”

Tony Spring, CEO of Macy’s, Inc., emphasized the need for transformative action to rejuvenate the brand and enhance customer experiences. “A Bold New Chapter serves as a strong call to action. 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,” Spring stated.

The strategy involves prioritizing investments in approximately 350 high-performing locations while closing down underproductive stores. 

Additionally, Macy’s aims to expand its upscale offerings through Bloomingdale’s and Bluemercury, with plans to open up to 45 new locations for these brands by 2026.

Furthermore, as part of its initiative to optimize resources, Macy’s intends to monetize assets totaling between $600 million to $750 million through 2026.

This strategic realignment underscores Macy’s commitment to adapting to evolving consumer preferences, enhancing profitability, and creating long-term value for shareholders. 

While the closure of stores represents a significant shift, Macy’s remains optimistic about the opportunities ahead as it embarks on this transformative journey.

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