As someone who has grown up with Macy’s being a staple in my local community, I can’t help but feel a pang of nostalgia upon hearing the news that 65 stores will be closing by early next year. The iconic department store has been a part of countless family shopping trips, school uniform purchases, and even prom dress fittings for me and many others like me.
It came as a surprise when the well-known retail store chain Macy’s revealed plans to shutter 65 of its stores in the near future. Established in 1858, this iconic brand is recognized for offering an extensive variety of fashion items, beauty products, and home essentials. Despite its storied history, the company has decided to reduce its number of brick-and-mortar locations. The reason behind this choice by Macy’s leadership remains unclear.
Here’s everything you need to know regarding the upcoming closing of Macy’s stores.
Macy’s closing 65 stores by end of January 2025
By the end of January 2025, up to 65 Macy’s department store branches are expected to close down, an increase from their initial plan of approximately 50 closures.
In a statement released on Thursday, Macy’s CEO Tony Spring provided further clarification about their decision to shut down more stores than initially anticipated. He stated that the current climate of advantageous deal-making has influenced this choice. Moreover, it’s important to note that all the stores slated for closure in 2025 have consistently underperformed when it comes to sales.
As a devoted fan, I’m sharing this update: Over the upcoming period, a part of my beloved Macy’s strategy involves shutting down 150 stores. This is a move echoed by numerous retail titans who are grappling with the changing shopping behaviors of customers and the emergence of robust online competitors.
On Thursday, Macy’s Chief Financial Officer and COO, Adrian Mitchell, reported that the company’s net sales for the third quarter totaled $4.7 billion, which represents a drop of approximately 2.4% compared to the same period last year. (Fast Company)
Currently, our company manages 479 regular-sized retail stores and 24 smaller format locations. Additionally, we handle Bloomingdales and Bluemercury cosmetics outlets. Among these establishments, there are 38 located in New York City. As of now, it remains uncertain which Macy’s stores will be shut down following the holiday season.
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2024-12-16 06:40