In a significant reshaping of its retail strategy, Macy's Inc. has declared that 66 of its storefronts across the nation will be terminated, with one location in Illinois identified for closure. As reported in NBC Chicago, this decision stems from the company's "Bold New Chapter" initiative which concentrates on bolstering luxury brands and opening smaller, more focused stores as part of its effort to close around 150 "underproductive" stores over three years. Tony Spring, Macy’s Inc.'s chairman and CEO, emphasized that the objective is to "focus our resources and prioritize investments in our go-forward stores," according to the release.
Local shoppers will witness the shuttering of Macy’s at 104 White Oaks Mall in Springfield, although an exact date for this event was not confirmed. Meanwhile, as traditional mall outposts become less common, the department store is capitalizing on the small-format trend by launching new Macy’s locations in strip malls and shopping centers — a shift reflecting a more judicious use of retail space at about one-fifth the standard size. As observed in NBC Chicago's report, this restructuring has already led to the debut of 24 such shops.
The spate of closures ensnares a network of states, with "non-go-forward" stores earmarked for closure spanning from Arizona to Washington, as per CBS News. Macy’s is following a trend seen across the retail industry, as 45 retailers filed for bankruptcy through the end of 2024 — a notable increase from 25 in the entire year prior. Moreover, data from CoreSight Research indicates that U.S. retailers have proclaimed closure plans for over 7,100 stores by the end of November 2024, marking a 69% jump from the previous year's comparable period.
Further diversification of Macy's holdings includes expanding their higher-end Bloomingdale's outlets and Bluemercury, the cosmetics chain. With a plan to inaugurate 15 Bloomingdale's and remodel about 30 Bluemercury stores, the retailer appears committed to reinforcing its other brands. As part of this growth trajectory, 30 new Bluemercury locations are expected to populate the retail landscape within the next three years, "Tony Spring, chairman and chief executive officer of Macy’s, said in a statement Thursday" provided to CBS News.
