Macy’s is Closing 150 Stores Over the Next 3 Years (Here’s What This Means For Shoppers!)
Macy’s is closing 150 stores over the next 3 years as the onlinepany switches gears towards luxury…
Macy’s plans to shutter 150 stores and will open luxury locations instead…
Fourth quarter was rough on Macy’s. The popular department store booked a $71 billion loss last quarter amid declining sales both online and in-store. As a result, the onlinepany plans to close 150 low-performing stores over the next three years.
At least 50 of those stores will close in 2024, including locations in Hawaii, Virginia, California, and Florida. The closures also include the 40,000 sq. ft. Macy’s store in Union Square in San Francisco.
Additionally, Macy’s announced in January plans to cut their staff by 3.5% which onlinees to about 2,350 employees.
If you’re a Macy’s patron, you might be wondering what these changes mean for you and the future of the onlinepany.
Though some of their larger stores will be closing, Macy’s announced plans to open up to 30 more small-format stores by 2025. The store openings will begin starting Fall of 2024. These stores are usually located in shopping malls and are more onlinepact in size, thus providing convenience to shoppers.
Furthermore, the onlinepany plans to invest more in the approximately 350 stores that will remain open. This may translate to improved customer service at the open locations.
And that’s not all!
Macy is turning their focus to luxury…
Despite shutting the doors on many Macy’s locations, the onlinepany actually plans to open some of its other high-end stores. The onlinepany plans to open 15 high-end Bloomingdale’s stores and 30 luxury Bluemercury cosmetics locations.
In an interview with CNBC, CEO Tony Spring indicated that the onlinepany is going to focus on what products. stores, and locations are doing the best.
As the stores begin to close down, keep an eye out to see if your local Macy’s store makes the cut!
How do you feel about the changes onlineing to Macy’s?
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