Since 2015, Macy's has closed more than 120 stores.Sign up for free newsletters and get more CNBC delivered to your inboxGot a confidential news tip?
But they are worth a try.Macy’s, trying to escape the fate that has caused one-time retail giants like Barneys and Toys R Us to declare bankruptcy or go out of business, is shutting stores and giving its fashions, flagship and online experience an upgrade.Shoppers may also find a more limited selection of mixers and blenders in store aisles, but a wider selection of cosmetics as the retailer pares some categories of merchandise and boosts others.“We are making deep cuts that impact every area of our business,’’ Macy’s CEO Jeff Gennette said. Is your location on the list? Macy's will maintain some stores in top-line malls, and it’s also expanding its presence outside those centers.Other store changes underway include plans to build a 1.5 million square foot office tower on top of Macy's flagship location in Manhattan's Herald Square. Check for hours and directions.
“These changes are painful, but they are necessary.’’
Retail giant Macy’s is set to close at least 19 stores across the U.S. in 2020, possibly as soon as February. "Macy's is doing the right thing by downsizing,'' Sucharita Kodali, vice president and principal analyst at Forrester said in an investors note.
"It's sad for the communities that now have a lot of empty real estate in their malls, the landlords stuck with those malls and the employees who will lose their jobs ... Whatever it ends up being, Macy's will be smaller for sure. Macy's said Wednesday it will shutter nearly 30 stores, in an effort to boost its profitability and focus on its most profitable stores.. Shop at Macy's Herald Square Women's Gallery, New York, NY for women's and men's apparel, shoes, jewelry, makeup, furniture, home decor. In recent months, foot traffic has also been steadily declining at many of America's less-profitable malls.Data is a real-time snapshot *Data is delayed at least 15 minutes. First round of Macy's that are closing:Macy's is closing roughly 125 stores.
"The stores tended to be in what Macy’s executives deemed to be lower-tier malls, or in urban hubs where there are several competing locations.Backstage, Macy's off-price offering which has typically had a section within larger department stores, is increasingly getting freestanding locations of its own. This year, seven new individual Backstage stores will open.Macy's is also trying to appeal more to shoppers under the age of 40 by revamping Style & Co., Inc. and some of its other private brands.Macy’s was once the standard-bearer for the elegant American department store but has struggled to stay relevant at a time when shoppers are increasingly doing their buying online.Among the roughly 125 stores that will be shuttered, 29 were previously announced and are currently in the process of being shuttered.“Everyone is competing for the same dollar,’’ Gennette said, noting that malls, like retailers, are battling web-based companies, subscription services and others for shoppers.But while 40% of Macy’s shoppers first connect with the retailer by going online, stores are still the company’s foundation, Gennette said.