Macy's Announces 55 More Store Closures — Is Yours One?

Macy’s is the latest retailer to announce a wave of store closures, with 55 additional locations set to shut down this year.

This follows the company’s earlier decision to close 150 stores over the next three years, with 50 closures scheduled by the end of 2024. In total, these reductions will account for about 30% of Macy’s total square footage.

Despite the downsizing, Macy's remains optimistic about its strategy. Chief Financial Officer Adrian Mitchell recently stated that the company is “very pleased with the progress” of selling off its brick-and-mortar locations.

Yet, with many employees still uncertain about their jobs, the question remains: Is your local Macy’s store next on the list?

While Macy's hasn't yet confirmed the 55 additional stores closing, Reddit users have speculated that stores in Newington, New Hampshire; Traverse City, Michigan; and WestShore Plaza Mall in Tampa, Florida, will close after the holidays.

Read on to see which locations could be closing near you.

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1. California

• Bayfair Center — San Leandro, California
• Simi Valley Town Center — Simi Valley, California

Two locations in California are shutting down this year as part of company plans announced in 2020 to reduce the number of its stores.

The move comes after Macy’s closed a location at Baldwin Hills Crenshaw Plaza in Los Angeles in 2023.

2. Florida

• Governor’s Square — Tallahassee, Florida

Florida made the store-closing list this year, with its only Tallahassee location shutting down.

The retailer will have 40 stores in the Sunshine State after the closure.

3. Hawaii

• Kukui Grove Center — Lihue, Hawaii

The location in Lihue isn’t the first Macy’s to close in Hawaii.

The retailer closed its location in Kaneohe after over 40 years at Windward Mall. The move will leave eight Macy’s locations in Hawaii, including its three in Honolulu.

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4. Virginia

• Ballston Quarter — Arlington, Virginia

Macy’s may have chosen to shut down this location due to redundancy in the area, as Arlington currently has two Macy’s locations.

Last year, the retailer closed another location in the region when it shut down a store in Gaithersburg, Maryland.

Additional employee cuts at Macy’s

Workers at the closing Macy’s locations aren’t the only ones losing their jobs with the retailer.

This year, Macy’s announced it was cutting 2,350 positions, or around 3.5% of its workforce, as part of its downsizing efforts.

The move is meant to speed up decision-making by eliminating layers of management. Macy’s will eliminate additional positions in favor of automation and outsourcing.

Macy’s isn’t alone with layoffs

Several other consumer retailers have also announced layoffs in 2024.

Wayfair laid off more than 1,000 employees earlier this year, while Rent the Runway laid off 10% of its workforce in January.

Layoffs also recently hit the beauty sector. In February, Estée Lauder announced it would cut 3% to 5% of its workforce. The brand is available at Macy’s store locations and on Macy’s website.

New opportunities

On the other hand, there are some positive changes for Macy’s shoppers in the future.

Last year, the company announced that it planned to build around 30 new U.S. locations with a smaller real estate footprint.

The locations will be slimmed-down versions of Macy’s, and shoppers will be able to find them in strip malls across the country. So, visiting your local mall might soon be a smart shopping hack if you want to shop at Macy’s.

Bottom line

If a Macy’s near you is closing, it could make it harder for you to get what you want. However, it could also help you get ahead financially .

Use this opportunity to see if you can find ways to save money by cutting down on the types of purchases you used to make at your local Macy’s.

Money tips that can work for everyone

No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.

Focus on paying off your debt . Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.

Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.

Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).