Macy’s to close 66 stores as part of “bold new chapter” strategy

Macy's has confirmed the closure of 66 Macy’s store locations across New York City and surrounding regions as a part of the bold new chapter strategy, which was announced in February 2024.

The company said in a release that the plan is designed to return the company to sustainable, profitable sales growth which includes closing approximately 150 underproductive stores over a three-year period while investing in its 350 go-forward Macy’s locations through fiscal 2026.

“Closing any store is never easy, but as part of our bold new chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go-forward stores, where customers are already responding positively to better product offerings and elevated service,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc.

The company added that since the start of implementation of the new strategy, investments in the pilot Macy’s stores - first 50 - have boosted sales for three consecutive quarters and contributed to record customer satisfaction scores for the Macy’s nameplate.