What: Macy's confirms the closure of 66 stores as part of its Bold New Chapter strategy, which aims to shutter approximately 150 underperforming locations over three years while investing in 350 go-forward stores through fiscal 2026.

Why it is important: The implementation of this store closure plan, alongside investments in go-forward locations, reflects Macy's commitment to transforming its retail model while maintaining strong customer relationships in key markets.

Macy's announcement of 66 store closures represents a significant step in executing its Bold New Chapter strategy announced in February 2024. The company emphasises that these closures will enable focused investment in its go-forward locations, where customers have responded positively to enhanced product offerings and service improvements. CEO Tony Spring notes that while closing stores is challenging, it's necessary to prioritise resources effectively. The strategy's early success is evident in the First 50 pilot stores, which have shown sales growth for three consecutive quarters and achieved record customer satisfaction scores. Looking ahead to 2025, Macy's aims to leverage its strengthened store fleet to expand this enhanced customer experience across both physical and digital channels nationwide.

IADS Notes: Macy's store closure announcement marks a significant phase in its Bold New Chapter strategy. While the company has shown early success with its First 50 pilot stores, the decision to close 66 locations reflects a broader transformation plan. The initiative aims to optimize the company's footprint while investing in its 350 go-forward locations, demonstrating CEO Tony Spring's commitment to sustainable, profitable growth.

Macy's Inc. confirms planned store closures