Macy’s Closing 150 Stores Nationwide

The last few months were pretty tough for Macy’s. The famous store ended up losing a whopping $71 billion last quarter due to sales going down, both online and in the physical stores. Because of this, Macy’s is thinking of shutting down 150 underperforming stores in the next three years. Tough times for them, for sure!

At least 50 of those stores are gonna shut down in 2024, including spots in Hawaii, Virginia, California, and Florida.The closures also include the 40,000 sq. ft. Macy’s store in Union Square in San Francisco.

Additionally, Macy’s announced in January plans to cut their staff by 3.5% which comes to about 2,350 employees.

Though some of their larger stores will be closing, Macy’s announced plans to open up to 30 more small-format stores by 2025. The stores will start opening in the Fall of 2024. They’ll be in shopping malls and will be smaller, which will make it easier for shoppers.

Furthermore, the company plans to invest more in the approximately 350 stores that will remain open. This may translate to improved customer service at the open locations.