Feb. 28, 2024

Macy’s Inc. will close 150 underperforming stores while focusing on smaller versions of its stores with a more luxurious look.

The department store retailer announced this week that 50 of its stores would close by the end of the year and 100 more would follow in the next few years, leaving Macy’s with 350 locations by 2026. The plan is to expand with smaller-format stores, it said.

“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” CEO Tony Spring said in a news release.

“Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders.”

The company also announced that it plans to focus on its Bloomingdale’s and Bluemercury brands, which “have been outperformers within the Macy’s Inc. portfolio and across the broader luxury landscape, by further growing its store fleet and digital presence,” the company said.

“As part of the strategy, approximately 15 Bloomingdale’s nameplate stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels, are anticipated to be opened in new and existing markets over the next three years.”

Macy’s did not name which locations would be closing. The store at The Empire Mall will face new competition from Dillard’s, which opens this week. There have been conversations about potential improvements to the Macy’s store, but no permits have been filed with the city.