On Friday, January 10th, Macy’s revealed a sweeping plan to close dozens of underperforming stores across the United States, including several locations in the New York City area. As part of its “Bold New Chapter” strategy, Macy’s will close 66 stores in the first quarter of 2025 to focus on its best-performing locations.
Among the Macy’s stores slated for closure are the Downtown Brooklyn location, as well as stores in Sheepshead Bay and Fordham Place in New York City. Other impacted locations include the Queens Place and Melville Mall stores in New York, and the Lake Success Shopping Center in New Hyde Park. Macy’s will also close the Sunrise Mall, Mall at Greece Ridge, and Staten Island Furniture stores in New York. In New Jersey, the Essex Green Shopping Center location will also be closed.
Macy’s CEO Tony Spring emphasized that the closures are part of a broader strategy to reinvest in its “go-forward” stores. “Closing any store is never easy, but we’re prioritizing investments in our go-forward stores, where customers are already responding positively to better product offerings and elevated service,” Spring said.
This restructuring follows Macy’s revised projections for store closures, which are now expected to exceed earlier targets. Initially, Macy’s planned to close 50 stores by the end of 2024 but has since adjusted the figure to 65. As part of the revitalization, the company is investing in remodeling its best-performing stores and expanding its portfolio with new Bloomingdale and Bluemercury locations.
Despite a slight drop in overall sales, Macy’s reported positive growth in its top-tier stores. The company’s “First 50” stores saw a 1.9% sales increase, and Bloomingdale’s and Bluemercury also experienced year-over-year growth. These positive results highlight the company’s focus on improving its operations while closing less profitable stores.
The closures are expected to affect both employees and shoppers, with Macy’s announcing that going-out-of-business sales will begin soon at affected locations. With this shift, Macy’s aims to simplify its operations and set itself up for long-term growth by adapting to consumer behavior and retail trends.
