Memphis residents are set to bid farewell to the Macy's store at Oak Court Mall, as the retail giant follows through on a strategic decision to shutter underperforming locations across the country. The announcement was made yesterday, with Macy's Inc. revealing plans to shut down 66 stores nationwide, the Oak Court location included, as reported by The Commercial Appeal.
The Oak Court store, which has been a longstanding fixture in East Memphis since its days as a Goldsmith's before being rebranded to Macy's in the early 2000s, is part of a broader reduction known as the "Bold New Chapter" strategy. This initiative, which aims to improve the company's financial performance, was first introduced in February 2024 and seeks to close 150 stores over three years while bolstering 360 "go-forward" Macy's locations. Tony Spring, CEO and chairman of Macy’s, Inc., underlined the difficulty of such closures, stating, "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," in a news release detailed by FOX13 Memphis.
The imminent closure of Tennessee's only announced Macy's to close thus far leaves the Memphis market with just one remaining Macy's store, located in Wolfchase Galleria. The transition is expected to take place during the first quarter of this year, as indicated by the retailer's statements. Local real estate development has already made significant moves in anticipation of changes at the Oak Court Mall. In September, over 40 local investors, including Poag Development Group, finalized a $7 million deal to acquire the Poplar Avenue Macy's site, according to WREG.
Despite the lease agreement in place between Macy's and Oak Court Partners LLC at the time of these real estate transactions, the store's closure is proceeding as expected. Josh Poag, of Poag Development Group, acknowledged the inevitability of the situation, stating to the Commercial Appeal, "While we tried to convince Macy’s to stay open, we anticipated that their closure might be a possibility. This possibility is why the ownership group of Oak Court Mall decided to purchase the Macy’s building and land." He further explained that this opportunity paves the way for their expanded vision for rthe edevelopment of the mall area.
