Macy’s closes more stores this year in another round to stay afloat

Macy's To Permanently Close Its Stores © Provided by Tell Me Best

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Macy’s to permanently close Its Stores
  • Macy’s will be permanently shuttering several stores in 2023 as part of its Polaris transformation strategy which aims to optimize and reposition its mall and off-mall locations. The first batch of closures will take place in Los Angeles, Colorado, Maryland, and Hawaii. A clearance sale, which will run for approximately eight to 12 weeks, is set to begin this January
  • In February 2020, the department store chain, which includes Bloomingdale’s and Bluemercury, announced its intention to shutter a fifth of its locations (or 125 stores) as part of a three-year plan. This was followed by several rounds of closures from 2020 to 2022.
  • Managing Director of Global Data, Neil Saunders, addressed the Macy’s store closures… much of the “dead wood” has been cut out. “What we are seeing now is more an opportunistic and gentle pruning,” he explained. He added that more shuttering is likely to follow as the retailer has many sub-optimal stores that will probably perform poorly in the struggling economy.

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