Retail giant Macy's shared in a press release on Tuesday that they will be shutting down up to 150 locations over the next two years. Macy's statement said it would be "focusing resources by closing approximately 150 underproductive locations, including approximately 50 by the end of the fiscal year."
While some branded locations will be shut down, the company plans to keep investing in its 350 other locations. Macy's CEO Tony Spring said: "We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value. A bold new chapter serves as a strong call to action. it challenges the status quo to create a more modern Macy's Inc."
The company said it would be "prioritizing investment in approximately 350 go-forward locations and the continued expansion of small-format stores," and will continue to invest in its subsidiary outlets, including Bloomingdale's and Bluemercury, which the company says have been "outperformers within the Macy's Inc. portfolio across the broader luxury landscape."
]The company plans to build out 15 new Bloomingdale’s stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels, over the next three years.
https://abcnews.go.com/Business/wireStory/macys-close-150-stores-sales-slip-pivots-luxury-107585814
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