Macy's will be permanently shuttering several stores in 2023 as part of its Polaris transformation strategy which aims to optimize and reposition its mall and off-mall locations. The first batch of closures will take place in Los Angeles, Colorado, Maryland, and Hawaii. A clearance sale, which will run for approximately eight to 12 weeks, is set to begin this January.
In a statement to Axios, Macy's said it was committed to offering employees generous severance packages or alternate jobs in nearby locations. In February 2020, the department store chain, which includes Bloomingdale’s and Bluemercury, announced its intention to shutter a fifth of its locations (or 125 stores) as part of a three-year plan. This was followed by several rounds of closures from 2020 to 2022.
Managing Director of Global Data, Neil Saunders, addressed the Macy's store closures, saying most of the heavy lifting has been completed. He also told Axios that much of the "dead wood" has been cut out. "What we are seeing now is more an opportunistic and gentle pruning," he explained. He added that more shuttering is likely to follow as the retailer has many sub-optimal stores that will probably perform poorly in the struggling economy.
However, the high-end department store chain has opened quite a few new locations in 2022. This includes smaller format and new off-mall stores, as well as four Market by Macy’s outlets. Bloomingdale's is also set to open its third Bloomies in Seattle later this year, after successfully opening the same mini stores in Chicago and Virginia......More Below
