Macy’s to Close 66 Stores Nationwide, Sparking Worries About Its Retail Future
Macy’s is closing 66 stores across the United States, as part of its plan to focus on its upscale brands and navigate the challenging retail landscape. The department store chain has been facing declining sales and increased competition from budget and luxury retailers.
The stores to be closed are located in 43 states, with a range of locations from major shopping malls to suburban centers and community-based stores. The closures come as part of Macy’s efforts to revamp its business and cater to wealthier shoppers through its upscale brands, including Bloomingdale’s and Bluemercury.
The list of closed locations includes:
* Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, Ohio, Oregon, Pennsylvania, Tennessee, and Texas.
Liquidation sales have begun at some of the stores, with others set to start soon. The closures are expected to have a significant impact on the retail landscape, as Macy’s struggles to compete with the shift towards online shopping and changing consumer habits.
The announcement has sent Macy’s stock tumbling, with shares falling about 15% since the strategy was first announced. The department store chain has been trying to reinvent itself in recent years, but the retail landscape remains highly competitive.