Macy’s to Close 150 Stores Amid Transitional Challenges

Under New CEO Tony Spring, the Company Looks to Address Financial Challenges with a Move Towards More Upscale Markets

Macy’s has revealed plans to shutter 150 of its stores as part of a strategic overhaul led by its new CEO, Tony Spring. This move comes amidst challenges faced by the company, as it shifts its focus towards expanding Bloomingdale’s, with the aim of modernizing Macy’s, Inc. The initiative is aimed at enriching customer relationships by enhancing shopping experiences, offering relevant product selections, and presenting compelling value propositions. By the end of the year, 50 stores are slated for closure.

Tony Spring explained, “We’re challenging the norms to transform Macy’s, Inc. into a more contemporary entity. We’re taking necessary steps to revitalize our connection with customers through enhanced shopping experiences, curated assortments, and enticing value offerings.” He further added, “Our teams are enthusiastic about the journey ahead as we accelerate towards gaining market share, fostering sustainable and profitable growth, and generating value for our shareholders.”

Macy’s growth strategy revolves around three primary objectives: refreshing its product offerings, modernizing the shopping environment with an omnichannel approach, and consolidating underperforming locations while directing investments towards approximately 350 flagship stores and the ongoing expansion of smaller-format stores.

As part of its upscale expansion, Macy’s intends to launch 15 new Bloomingdale’s outlets and a minimum of 30 Bluemercury stores. Over the next three years, the company aims to optimize and capitalize on its supply chain assets, streamline fulfillment processes, enhance inventory management and allocation, and deploy a scalable technological infrastructure.