Macy’s Moves Toward New Year With More Store Closures
Macy’s, long a mall anchor, will close 65 stores by January's end. This exceeds the 50 closures previously hinted at, as leadership seizes a favorable deal-making climate. These closures are part of a broader plan to shutter 150 locations by 2026.
The chain faces challenges from evolving shopping habits and online competitors. While Macy’s still operates around 479 department stores and smaller concepts like Bloomingdale’s and Bluemercury, brick-and-mortar struggles to attract crowds. Third-quarter sales dropped to $4.7 billion, slightly below last year’s numbers. Compounding these struggles, an employee concealed $150 million in expenses, highlighting internal issues.
Legacy retailers like Macy’s face an uncertain future, battling for relevance as e-commerce reshapes the retail landscape. Industry shifts demand new strategies to retain shoppers and redefine value in a competitive marketplace.
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