Macy’s To Close 150 Unproductive Namesake Stores

NEW YORK (AP) — Macy’s will close 150 unproductive namesake stores over the next three years and 50 by the end of 2024, the department store operator said Tuesday after posting a fourth quarter loss and declining sales.

As part of the strategy, Macy’s aims to upgrade its remaining 350 stores, with plans to add more sales people to fitting areas and shoe departments, while adding more visual displays like mannequins.

At the same time the company signaled a pivot to luxury, which has fared better than its namesake stores.

It said it would open 15 of its higher end Bloomingdale’s stores and 30 of its luxury Blue Mercury cosmetics locations.