Macy's Is Closing 50 Stores Across the Country This Year. Here's a List of Locations We Know So Far.
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It may be time to say goodbye to your local Macy's. The department store chain has announced plans to close approximately 150 stores across the country through 2026, including 50 locations this year alone.
Macy's described the stores set to be shuttered as "underproductive locations." While the brand has not yet released a full list of the Macy's stores that are closing, one of these locations has been confirmed by San Francisco Mayor London Breed's office as Macy's Union Square flagship store (though it will remain open indefinitely until the property is sold).
In a statement released on February 27, Macy's revealed its new strategy — coined as "A Bold New Chapter" — will include closing the 150 stores and prioritizing investments in the remaining 350 locations. The strategy will also include opening new Bloomingdale's locations and Bluemercury stores, which are Macy's luxury brands.
Macy's, Inc. is hoping this move will re-strengthen the company's brand, digital presence and relationship with customers. According to Macy's, the strategy aims to solidify Bloomingdale's and Bluemercury's positions in the luxury space by opening more physical locations and offering more immersive customer experiences.
Tony Spring, who stepped into his position as the chief executive officer of Macy's in February, said in the statement:
"We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value."
This isn't the first time Macy's has announced unfortunate news about store closings in recent years. The department store chain has closed roughly 300 stores since 2015, including closing 45 Macy's locations in 2021 and 28 locations in 2020. In January, Macy’s announced it was laying off about 3.5% of its workforce (around 2,350 employees) and closing five stores. The "Bold New Chapter" strategy includes focusing remaining resources on top-performing stores in order to improve customer shopping experiences and sales.
The recent store closures and downsizing can be attributed to multiple factors (ahem, online shopping), but experts say the drop in the company's stock price most likely drove the plans to refocus on currently successful locations and luxury brands. Macy's stock price peaked at $73 a share in 2015, but nine years later it's dropped to $18 a share — that's a whopping 75% decrease.
"Our threshold to keep a store open has become more stringent," Spring said in a conference call with investors, per CBS News. "In the past we may have continued to operate a store that was cash flow positive. Now the bar has been raised."
A List of Macy's 2024 Store Closings
Including the store closures announced in January, here is a list of the Macy's stores facing closure this year. Note: This list will be updated as more store closures are officially announced.
California
San Leandro: Bayfair Center
Simi Valley: Simi Valley Town Center
Hawaii
Lihue: Kukui Grove Center
Florida
Tallahassee: Governor’s Square
Virginia
Arlington: Ballston Quarter
Luckily for loyal shoppers, the remaining 350 Macy's locations will be reinvested in and improved upon — and if it turns out your local store is set to close and you're in need of a new dress or bottle of perfume, there's always Macys.com.
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