Following a reported drop in sales, Macy’s is accelerating the closure of underperforming stores, a move that will see the department store chain close more than 100 locations by 2025.
The decision to close stores is part of Macy’s efforts to streamline its operations and focus on its most profitable locations. The closures will primarily affect smaller stores in less densely populated areas, with Macy’s aiming to shed approximately $1 billion in annual sales from the affected stores. While the closures will result in job losses, Macy’s has stated its commitment to providing affected employees with severance packages and job placement assistance.
