GONE FOR GOOD
Macy’s to start closing down 66 locations after CEO’s promise to shut the lights on 150 stores
Plus, details on Macy's store opening plans until 2026
THE closures of Macy's locations nationwide are ongoing this spring as part of a multi-year Bold New Chapter initiative.
CEO Tony Spring confirmed in recent months there will be a removal of at least 150 underperforming stores.
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At least 66 of those 150 are in the process of shutting down this spring.
Customers in Brooklyn witnessed that in action this past weekend, per The CW affiliate WPIX.
An iconic 30-year-old Macy's on Fulton Street in the New York City borough shut its lights off for the last time.
It had replaced an Abraham & Straus (A&S) department store in 1995.
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At least five other New York locations are also on the hit list as part of Macy's Bold New Chapter.
They include stores at Fordham Place, Queens Place, Sheepshead Bay, Sunrise Mall, and Staten Island Furniture.
Another location in Salem, Oregon, is also getting the axe by the end of this month.
A Minnesota-based Macy's also recently ceased operations at the end of February.
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MODERN MODE
Before the closure count reached 66 this spring, it was originally 50, then bumped up to 55 during a September earnings call.
Later on, it was increased to 65 until the final count was confirmed, per Axios.
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Liquidation sales are ongoing at all of the closing locations across 22 states.
Spring also plans to use the $600 to $700 million Macy's will gain from the shutdowns to invest in its other stores and new ones, including 30 smaller stand-alone Macy's, 15 new Bloomingdales, and 30 new Bluemercury locations.
An additional 350 remaining locations will also be refurbished and updated as Macy's seeks to modernize in a general sense.
"At the start of the closure strategy [we] said we had locations that were less profitable and less productive, and we wanted to monetize them as soon as possible," the CEO explained to investors during a recent earnings call.
Macy's Closures
Macy's has confirmed the 66 stores closing across 22 states over the next few weeks. The full list is included below:
Arizona
- Mesa
California
- Chula Vista
- Citrus Heights
- Corte Madera
- Los Angeles
- Newark
- San Diego
- Westminster
Colorado
- Centennial
- Denver
Florida
- Altamonte Springs Furniture
- Boynton Beach
- Fort Lauderdale Furniture
- Pembroke Pines Furniture
- South Dade Furniture
- Sarasota
- Tampa
Georgia
- Duluth Furniture
- Duluth
- Suwanee Market by Macy’s
Idaho
- Coeur d’Alene
Illinois
- Springfield
Louisiana
- Lafayette
Maryland
- Bel Air
- Baltimore
Massachusetts
- Kingston
Michigan
- Flint
- Sterling Heights
- Traverse City
- Troy
Minnesota
- Burnsville
- Maplewood
Missouri
- Kansas City
- St. Louis
New Jersey
- West Orange
New York
- Brooklyn
- Bronx
- Elmhurst
- Huntington
- New Hyde Park
- Massapequa
- Rochester
- Staten Island
Ohio
- Beavertown
- Toledo
Oregon
- Hillsboro
- Salem
Pennsylvania
- Altoona
- Exton
- Philadelphia
- Wilkes Barre
Tennessee
- Memphis
Texas
- Dallas Market by Macy's
- Flower Mound Market by Macy's
- Fort Worth Market by Macy's
- Houston
- Plano
- Fairview
Virginia
- Colonial Heights
Washington
- Puyallup
- Redmond Furniture
- Silverdale
Source: Axios
"So the fact that we are closing more stores this year is a reflection of the fact that our assets have value and that even in this less stable market, we are transacting."
CUSTOMERS FIRST
Spring also explained during the National Retail Federation's Big Show in New York City in January that Macy's is "reimagining" its portfolio.
He noted that the current shopping experience for customers "can and should be better."
Macy's sales have taken hits in recent years.
It cited a 2.4% decrease year over year to about $4.7 billion during the most recent fiscal quarter.
Other retailers are also struggling to adjust amid a changing economic landscape and consumer habit fluctuations.
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Kohl's is closing at least 27 stores as the new CEO continues to update and "reverse" hated policies.
Big Lots has also recently teased a comeback after it emerged from bankruptcy and continues to shutter hundreds of stores nationwide.