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Macy’s to Close 65 Stores in 2024 Amid Retail Industry Challenges

shoppers pass a macy s department store at the westfield garden state plaza mall on black friday in paramus new jersey u s on friday nov 26 2021 3808189965

the staff of the Ridgewood blog

Paramus NJ, Macy’s is ramping up its store closure plans, announcing it will shutter 65 locations by the end of the fiscal year—an increase from the 50 closures previously planned. This move is part of a broader strategy to eliminate approximately 150 underperforming stores over the next three years.

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Macy’s to Close 28 Stores

co macysLogo3

the staff of the Ridgewood blog

Paramus NJ, Macy’s said Wednesday that it will close 28 of its namesake department stores and one Bloomingdales location as part of its annual review process.

The company operates about 680 department stores and 190 specialty stores. Many industry watchers expect department store operators will need to shutter more locations in order to become more profitable.

Macy’s has already been through several rounds of store closures in recent years. In November, Macy’s CEO Jeff Gennette said Macy’s was seeing weaker-than-expected performance at “lower-tier malls.”