Macy’s Closing 35 to 50 Stores
Yesterday Macy’s announced plans to close 35 to 40 under-performing Macy’s stores in early 2016. This amount of stores closing represents approximately 1 percent of the total Macy’s, Inc. sales. The company works to optimize its omnichannel approach to customers across America. The locations of the 35 to 40 stores to be closed in early 2016 will be announced at a later date, once the company completes a careful analysis now under way and makes final decisions.
“Physical stores remain absolutely vital to our omnichannel strategy,” said Terry J. Lundgren, Macy’s, Inc. chairman and chief executive officer. “As new shopping centers are opened, however, many customers change their shopping habits and often the sales volume of a store gets divided among the new and nearby, existing centers. Each year, we prune some stores that are our weakest performers so that we can concentrate our resources on the best locations and maintain a strong physical presence. While making the decision to close stores is difficult, we know it is necessary for us to remain competitive as customer shopping patterns continue to change.”
Macy’s, Inc. today operates 770 Macy’s stores. Over the past five years (2010 through 2015 to date), 52 Macy’s stores have been closed and 12 new Macy’s stores have been opened. In addition, six new Macy’s Backstage offprice locations are opening in fall 2015.
The company will communicate its store closing decisions directly with the associates in those locations prior to a public announcement.
You can view the press release from Macy’s here.