Macy’s Will Close 150 Department Stores but Open New Locations for Successful Chains

In pursuit of sales growth, Macy’s announced plans on Tuesday to close around 150 underperforming namesake stores while expanding in more favorable locations or those focused on luxury goods. This strategic shift underscores a concentration on successful ventures like Bloomingdale’s and Bluemercury, while acknowledging challenges faced by Macy’s stores, particularly those in struggling malls. The move follows the recent appointment of former Bloomingdale’s CEO Tony Spring as Macy’s CEO on February 4.

*Article courtesy CNBC

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