Macy’s closings 2024: Even more stores will close than originally planned
Department store chain Macy’s is stepping up its store closures.
Macy’s had previously announced plans to shutter 150 stores in the next two years, including 50 in 2024. Now the chain said it will close 55 stores this year.
The closures are a result of a shift in consumer behavior, Macy’s CEO Tony Spring said on a second-quarter earnings call.
“We are pleased with the pace and the quality of deal making and now expect to close approximately 55 stores this year versus prior expectations of roughly 50,” Spring said.
All of the locations set for closure haven’t been announced but one, Macy’s last Alabama location, located at the Riverchase Galleria in Birmingham, is listed for sale. Macy’s closed its store at Brookwood Village in 2022.
Earlier this year, Macy’s announced “A Bold New Chapter,” a strategy to identify underperforming stores and improve shopping experiences, including adding more visual display managers to improve store appearance and upgrades to online shopping platforms.
Amid the store closures, the retailer is also planning to open more Bloomingdale’s stores and at least 30 Blue Mercury cosmetic locations by the end of 2026. According to Fast Company, the department store chain also plans to continue investing in smaller-format spaces, while moving away from the giant superstore concepts.