Macy’s, Inc. plans to close around 150 storefronts. Fate of Columbus location unknown
Macy’s, Inc. announced it is closing around 150 locations over the next two years as part of its new growth plan, A Bold New Chapter, on Feb. 27.
This move is intended to focus resources by closing “underproductive locations” according to a news release.
Fifty locations are expected to close by the end of this fiscal year, the release said. This news comes after the retailer announced plans to lay off about 2,350 employees and close five stores in January.
Along with the closures, Macy’s plans to prioritize investment in around 350 locations and continuing the expansion of small-format stores.
The retail company plans to expand its higher-end department store Bloomingdale’s and beauty chain Bluemercury, the release said, which have both outperformed.
Macy’s anticipates opening at least 15 new Bloomingdale stores and 30 new Bluemercury over the next three years. The closest Bloomingdale and Bluemercury locations to Columbus are in Atlanta.
There are also plans to streamline Macy’s operations to provide a more efficient model to better serve customers, the release said.
Macy’s expects that by 2025 the company’s capital spent will decrease and its cash flow will return to pre-pandemic levels. The company’s shares dropped 7.72% Wednesday following an initial rise in share prices Tuesday after announcing the new strategy.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” Tony Spring, chief executive officer of Macy’s, Inc. said in a news release.
This story was originally published February 29, 2024 at 8:57 AM.
