Macy's to close 150 stores, or about 30% of its locations

[mahatmakanejeeves]

Source: Moneywatch via CBS News

MONEYWATCH
Macy's to close 150 stores, or about 30% of its locations

By Aimee Picchi
Edited By Alain Sherter
Updated on: February 27, 2024 / 8:41 AM EST / CBS News

Macy's on Tuesday said it plans to close roughly 150 underperforming stores over the next three years, the struggling retailer's latest effort to energize its business as it seeks to fend off a proposed takeover by activist investors. ... The department store chain said it plans to focus on expanding its luxury brands, Bloomingdale's and Bluemercury. Macy's will shutter 50 stores over the next year. Overall, the restructuring plan will leave Macy's with 350 outlets.

The announcement of the store closures comes after Macy's last month rejected a $5.8 billion takeover offer from investing firm Arkhouse Management and its partner Brigade Capital Management.

Macy's CEO Tony Spring, who stepped into the role this month after leading Bloomingdale's for nine years, said the plan to close the underperforming stores will eventually help Macy's to stabilize its sales, with a focus on customer service and updated product lines.

The problems facing Macy's are "similar to what I first encountered at Bloomingdales -- it's going back to basics and balancing the art and science of retail," Spring said in a Tuesday conference call with investors.

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Read more: https://www.cbsnews.com/news/macys-closing-150-stores-locations/

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Hat tip, Joe.My.God.

Macy's To Shutter 150 Stores Over Next Three Years
February 27, 2024
https://www.joemygod.com/2024/02/macys-to-shutter-150-stores-over-next-three-years/

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Business / Investing
Macy’s is closing 150 stores

By Nathaniel Meyersohn, CNN
3 minute read
Updated 9:04 AM EST, Tue February 27, 2024

https://www.cnn.com/2024/02/27/investing/macys-closing-150-stores/index.html

[jimfields33]

1. I actually thought they were gone already.

They closed the ones in my area almost ten years ago. Online shopping is hurting brick and mortar stores.

[Rebl2]

7. Closed one

closest to me a couple years ago. A second a little further away closed four or five years ago.

[Polybius]

9. There's one right here in Staten Island, about 10 minutes from me

It's been there since as long as I can remember, maybe before I was born. Hope it stays.

[ificandream]

2. Here's a partial list of closings.

https://www.msn.com/en-us/money/companies/more-macys-stores-to-close-in-2024-see-the-list-of-closing-locations/ar-AA1ncO68

[bucolic_frolic]

3. growth through shrinkage

Got it.

Always went to Macy's and its subsidiaries for quality. They had good sale prices and quality always. But it's been combined, I think HQ has moved. It's a showcase for the highest priced, NYC-oriented fashion around. Wish I'd bought 20 pairs of 1982 Prussian blue Nikes with thick nylon uppers, real suede toes, silver or white Swoosh, and waffle bottoms. Would have been a good investment.

[Wicked Blue]

4. They are ridiculously overpriced

Last edited Tue Feb 27, 2024, 02:52 PM - Edit history (1)

It seems like only the upper middle class can afford to shop there
I remember going to Macy's in NYC as a small child. My first escalator ride.

[DiceK]

8. Not Always

I find their prices to be less than stand alone stores like the gap or other mall retailers. It does take some work, sales and coupons but I get good deals there. They also misprice a lot, like by mistake. Or coupons will work on sale items even when they say they’re excluded. I’ve certainly gotten some steals!

[Aristus]

5. I'm pretty sure their Puyallup, Washington location will be one of them.

I was in there a couple of months ago, and it was nearly deserted, and the shelves were nearly empty. I’m pretty sure they got the “Sell everything off and prepare to be shuttered” notice.

[SouthernDem4ever]

6. I miss the local retailers that were gobbled up by Federated Dept Stores

Rich's in Atlanta was one of our favorites. Every city/region had their own versions. I guess they would not have survived the walmart onslaught and might have closed anyway. Either way, consolidation of retail power wasn't very helpful to the industry. It allowed walmart to control the flow of products to be produced in china causing job losses in the U.S. and cheaper made stuff.

[twodogsbarking]

10. There was a time when the one in our town was a great store. Store declined, closed.

They are chopping off dead wood to survive. Not looking promising.