Macy's, Inc. Confirms Planned Macy's Store Closures
Macy's (NYSE: M) has confirmed the closure of 66 store locations as part of its Bold New Chapter strategy announced in February 2024. The plan aims to achieve sustainable, profitable growth by closing approximately 150 underproductive stores over three years while investing in 350 go-forward locations through fiscal 2026.
The company's pilot program, known as First 50, has shown positive results with increased sales for three consecutive quarters and record customer satisfaction scores. Macy's is focusing resources on better-performing stores with improved product offerings and elevated service. The company enters 2025 positioned to build momentum with a stronger store fleet and enhanced customer experience both in-store and through digital channels.
Macy's (NYSE: M) ha confermato la chiusura di 66 negozi come parte della sua strategia Bold New Chapter annunciata a febbraio 2024. Il piano mira a ottenere una crescita sostenibile e redditizia chiudendo circa 150 negozi poco produttivi nell'arco di tre anni, investendo nel contempo in 350 negozi che continueranno l'attività fino al 2026.
Il programma pilota dell'azienda, noto come First 50, ha mostrato risultati positivi con vendite in aumento per tre trimestri consecutivi e punteggi record di soddisfazione dei clienti. Macy's sta concentrando le risorse sui negozi più performanti, migliorando l'offerta dei prodotti e il servizio elevato. L'azienda entra nel 2025 posizionata per costruire slancio con una flotta di negozi più forte e un'esperienza cliente migliorata sia in negozio che attraverso i canali digitali.
Macy's (NYSE: M) ha confirmado el cierre de 66 ubicaciones de tiendas como parte de su estrategia Bold New Chapter anunciada en febrero de 2024. El plan tiene como objetivo lograr un crecimiento sostenible y rentable al cerrar aproximadamente 150 tiendas poco productivas en un plazo de tres años, mientras invierte en 350 tiendas que seguirán operando hasta el año fiscal 2026.
El programa piloto de la empresa, conocido como First 50, ha mostrado resultados positivos con ventas en aumento durante tres trimestres consecutivos y récords de satisfacción del cliente. Macy's está enfocando recursos en tiendas de mejor rendimiento con ofertas de productos mejoradas y un servicio elevado. La empresa entra en 2025 posicionada para generar impulso con una flota de tiendas más fuerte y una experiencia del cliente mejorada tanto en la tienda como a través de canales digitales.
Macy's (NYSE: M)는 2024년 2월 발표된 Bold New Chapter 전략의 일환으로 66개 매장의 폐쇄를 확인했습니다. 이 계획은 약 150개의 저수익 매장을 3년 동안 폐쇄하면서 2026 회계연도까지 350개의 매장에 투자하여 지속 가능하고 수익성 있는 성장을 이루는 것을 목표로 하고 있습니다.
회사의 파일럿 프로그램인 First 50는 3분기 연속 매출 증가와 기록적인 고객 만족도를 보여주는 긍정적인 결과를 나타냈습니다. Macy's는 성과가 좋은 매장에 자원을 집중하고, 개선된 제품 제공과 향상된 서비스를 제공하고 있습니다. 이 회사는 2025년에 더 강력한 매장과 오프라인 및 디지털 채널을 통한 향상된 고객 경험을 바탕으로 모멘텀을 구축할 준비가 되어 있습니다.
Macy's (NYSE: M) a confirmé la fermeture de 66 magasins dans le cadre de sa stratégie Bold New Chapter annoncée en février 2024. Ce plan vise à atteindre une croissance durable et rentable en fermant environ 150 magasins peu performants sur une période de trois ans, tout en investissant dans 350 magasins qui continueront jusqu'à l'exercice 2026.
Le programme pilote de l'entreprise, connu sous le nom de First 50, a montré des résultats positifs avec une augmentation des ventes pendant trois trimestres consécutifs et des scores de satisfaction client record. Macy's concentre ses ressources sur les magasins les plus performants, avec des offres de produits améliorées et un service de qualité supérieure. L'entreprise entre dans l'année 2025 positionnée pour développer son élan grâce à une flotte de magasins plus solide et une expérience client améliorée tant en magasin que par le biais de canaux numériques.
Macy's (NYSE: M) hat die Schließung von 66 Filialen im Rahmen seiner Bold New Chapter-Strategie, die im Februar 2024 angekündigt wurde, bestätigt. Das Ziel des Plans ist es, nachhaltiges und profitables Wachstum zu erreichen, indem etwa 150 unrentable Filialen über drei Jahre geschlossen werden, während in 350 fortgeführte Standorte bis zum Geschäftsjahr 2026 investiert wird.
Das Pilotprogramm des Unternehmens, bekannt als First 50, hat positive Ergebnisse gezeigt, mit gestiegenen Verkaufszahlen in drei aufeinander folgenden Quartalen und Rekordwerten bei der Kundenzufriedenheit. Macy's konzentriert seine Ressourcen auf besser performende Filialen mit verbesserten Produktangeboten und einem erhöhten Servicelevel. Das Unternehmen geht mit der Absicht ins Jahr 2025, mit einer stärkeren Filialflotte und einem verbesserten Kundenerlebnis sowohl im Geschäft als auch über digitale Kanäle Schwung aufzubauen.
- First 50 pilot stores showed sales growth for three consecutive quarters
- Record customer satisfaction scores achieved for Macy's nameplate
- Strategic consolidation to focus resources on 350 better-performing locations
- Closure of 66 stores with 84 more planned closures through 2026
- Reduction in physical retail presence may impact market share
Insights
The confirmation of 66 Macy's store closures marks a critical phase in the company's Bold New Chapter restructuring strategy. This strategic downsizing represents approximately 44% of the planned 150 store closures through 2026, demonstrating an aggressive front-loaded approach to portfolio optimization. The initiative's early success is evidenced by improved performance in the pilot 'First 50' stores, showing three consecutive quarters of sales growth.
The strategic focus on 350 go-forward locations reflects a important pivot from quantity to quality, aligning with modern retail dynamics where omnichannel capabilities and store productivity are paramount. The closures primarily target underperforming locations, which typically generate lower sales per square foot and drain resources from better-performing stores. This reallocation of capital and operational focus toward profitable locations could significantly improve operating margins and return on invested capital (ROIC).
The timing of this announcement, entering 2025, positions Macy's to capitalize on operational efficiencies while maintaining market presence in key metropolitan areas. The company's emphasis on enhanced customer experience and digital integration indicates a shift toward a more sustainable business model in the evolving retail landscape.
This strategic restructuring carries substantial financial implications. The closure of 66 stores should generate immediate cost savings through reduced operating expenses and improved inventory management. Historical data suggests department store closures typically result in a 15-20% sales transfer to nearby locations and online channels, mitigating revenue loss.
The accelerated implementation of the Bold New Chapter strategy, with nearly half of planned closures announced early in the three-year timeline, indicates management's confidence in the transformation plan. This front-loaded approach should expedite the realization of cost savings and operational efficiencies. The successful performance of the First 50 pilot stores validates the investment thesis behind the restructuring, suggesting potential upside in same-store sales metrics for the remaining portfolio.
From a balance sheet perspective, these closures could unlock significant real estate value, either through property sales or lease terminations. The freed-up capital can be reinvested in high-potential locations and digital capabilities, potentially improving the company's return on equity (ROE) and operating margins in the medium term.
As previously disclosed, the 66 Macy's locations will close as part of the company's Bold New Chapter strategy
People have endless options when it comes to where and how they shop. Macy’s customers expect seamless shopping experiences and continuous improvements both in-store and online to meet those expectations.
“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.
Since the start of A Bold New Chapter 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. Building on that success, Macy’s enters 2025 well-positioned to build momentum with a stronger store fleet and remains focused on bringing this enhanced customer experience to more locations nationwide and through its digital channels.
As part of ongoing efforts to reimagine the shopping experience both in-store and online, customers can more easily access detailed information about local go-forward stores through the Customer FAQ and Store Locator tool on macys.com.
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20250109150271/en/
Media – Chris Grams
communications@macys.com
Investors – Pamela Quintiliano
investors@macys.com
Source: Macy's Inc.
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