The department store giant Macy’s has announced plans to close up to 150 of its locations in the next two years.
The announcement comes weeks after the New York-based retailer said it will build up to 30 small-format stores between early 2024 and the end of the next year.
One of the oldest and most known department store chains in the world, Macy’s was launched in 1858 and saw steady business growth and location expansion well into the 1990s.
The store was originally known for its wide variety of women’s clothing, but also on-site tailoring and home furnishings.
As of last year, the chain had more than 500 locations primarily up and down the East and West coasts, but also throughout the Midwest. Its presence in the West has seen stores in Arizona, Colorado, Nevada, New Mexico, and Texas.
In a company announcement, Macy’s said the planned 150 store closings was based on their being “unproductive locations.” At the same time, the company said it was introducing a market strategy called A Bold New Chapter putting an emphasis on customer service and the ongoing expansion of its small-format stores.
A Macy’s press release additionally said that in the next three years the company plans to “rationalize and monetize the supply chain asset portfolio, streamline fulfillment, improve inventory planning and allocation, and deliver a scalable technology platform.”
The small format stores are expected to measure anywhere from 30,000 square feet to 50,000 square feet. Traditional Macy’s stores typically measure above 100,000 square feet, with its famous Herald Square store in New York comprising a dozen floors for a total of 1.2 million square feet.
In its decades of operations, Macy’s, remarked the site RetailBoss last year, has become a “cultural icon, a symbol of American retail, and a beloved institution in cities across the country.”
By Garry Boulard
