Macy’s has announced that it is closing a total of 55 stores by the end of 2024, in the faltering brand’s ongoing effort to revamp its business.
According to The Daily Mail, the company originally intended to close 50 underperforming stores by the end of the year, part of the 150 total locations it will close within three years. However, it now plans to close 55 before 2025.
The locations of the shuttering stores have not yet been announced, but speculation is abounding that the stores will include a location in Newington, New Hampshire, one in Traverse City, Michigan, and one in WestShore Plaza mall in Tampa, Florida. These stores are reportedly set to close after the winter holidays.
“The biggest things that have gone wrong at Macy’s are the quality of the stores and the product assortment,” GlobalData Retail analyst Neil Saunders said to the outlet.
“And so over the years customers have deserted it, sales have tumbled and store productivity has gone down. All the metrics have gone in the wrong direction.”
News of these closures comes shortly after Macy’s announced that it was diverting funds to its in-house brands in yet another effort to turn the proverbial ship around. […]
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