Macy’s has shared its plans to shut down 150 of its branches across the US over the next three years, planning for 50 closures to happen by the end of 2024.
This decision was made after a dip in sales and suffering losses in the final quarter of last year.
The firm wants to boost the performance of its leftover 350 stores, which include smaller branches. Part of their plan is to consider adding more helpers in fitting areas and shoe departments, as well as making their visual displays more appealing with things like mannequins.
They also plan to shift their focus towards selling a lot more luxury items. Macy’s will open up an additional 15 luxury Bloomingdale’s stores, alongside 30 high-end Blue mercury cosmetic outlets.
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This fall in online shopping has led to the decision to strengthen the company’s “digital presence”, which is another reason behind closing shops.
Tony Spring, the person in charge of Macy’s Inc., said: “Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth, and value creation for our shareholders.”
Spring, who took over from Jeff Gennette earlier this month, also mentioned that even though inflation is slowing down, so are jobs and pay. “As such, we expect our consumers to remain under pressure,” he said, adding that even people who like nice things aren’t shopping as much.
