Business
Bad news for Macy’s, these are the stores that will close their doors in the near future
Macy’s has announced it will accelerate planned store closures, but will shutter the 65 intended locations after the holiday season to accommodate shoppers.
Macy’s has announced it intends to close about 65 of its stores after the end of the holiday season. This number is 15 more than the company had originally planned for this period.
In an earnings call, Macy’s CEO Tony Spring said in their forecast at the beginning of 2024, they had intended to shutter only 50 to 55 branches towards the end of the year.
However, he said they decided to close more stores while the “deal-making environment remains favorable.” The company has said fast-tracking the timeline of closures is good news for its financial health, as it will be able to monetize the process through real estate agreements.
READ ALSO: Over 7,100 store closures in 2024
Bad news for Macy’s, these are the stores that will close their doors in the near future
Macy’s Chief Financial Officer Adrian Mitchell said the company will only close under-performing locations.
“These are places where the economics are not as favorable. These are places where customers have shifted away from those centers to shop, and these are stores that are just incredibly difficult to run,” said Mitchell.
All 65 branches scheduled for closure are stores that were already included in Macy’s earlier plan to shut down 150 sites by 2026. The company has said the total number of stores will be reduced to 350 after they implement the closures.
READ ALSO: Why Americans are stockpiling again
The retailer has not disclosed which particular stores will be closing, nor the exact dates when they will be shuttered. However, the closures are expected to take place at the end of January 2025 to take advantage of holiday shopping.
Macy’s is one among a number of stores that have been affected by the evolving habits of consumers and the rise of online shopping especially after the COVID-19 pandemic.
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