Macy’s announces 5 more stores closures as CEO fights to save struggling brand – number of shut now at 155

MACY’S has added five more stores to the long list of locations that are set to shut within the next two years.

The struggling retailer revealed that it will now close 155 branches, including 55 that are set to disappear this year.

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Macy’s revealed this change during a second-quarter earnings call this week.

The company had initially confirmed it would close 150 stores but added five more to the list this week.

Macy’s added that the number of locations set to shut in 2024 has increased from 50 to 55.

The chain has not confirmed the names of the 155 stores that will shutter.

Its executives said this has come as the retailer looks to reinvest in certain locations while closing others, according to Fast Company .

Despite this, the chain’s CFO said this accelerated timeline for closures could be a positive thing.

CFO Adrian Mitchell said these store closures were being done through selling real estate.

“The punchline here is we’re very pleased with the traction and progress,” Mitchell said.

“We’re getting very healthy responses from landlords and developers.

“The deal pipeline is healthy even in this environment.”

This comes as the chain reported another quarterly decline and revealed sales have grown weaker.

Macy’s CEO Tony Spring revealed how he hopes to get more shoppers into the store.

“I said to our team, our challenge is not just to have the lowest price,” Spring said, according to Retail Dive .

“Our challenge is to create a compelling reason for the customer to buy at Macy’s, Bloomingdale’s, or Bluemercury.”

2024 Store Closures

Retailers across the country have suffered with changing customer habits and the economy, which has led to closures.

• The furniture chain Badcock Furniture & More confirmed that it will close all of its 380 stores after filing for bankruptcy.
• High-end grocery store chain Pusateri’s Fine Foods closed all but one location after it quietly filed for bankruptcy.
• Stop & Shop has shut 32 of its locations.
• Dollar General has closed five locations in the same neighborhood .

CEO Spring also shared another change in customer shopping habits that has affected the business.

He revealed people were not spending as much as they used to at Macy’s.

“We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,” he told CNBC .

CLOSING UP

Although the exact locations of the closing stores have not been confirmed, some specific closures have been speculated, The U.S. Sun has previously reported.

Macy’s could shut down one of its iconic mall locations in Sacramento, California .

Other chains have also had to face large-scale closures, The U.S. Sun has previously reported.

The furniture Conn’s HomePlus announced that it would close all of its 170 locations after the company filed for bankruptcy.