On January 19, 2024, people were seen shopping at the Macy’s Herald Square store in New York City. In an effort to boost sales growth, Macy’s announced plans to close approximately 150 of its namesake stores and focus on opening new shops in better locations or those that sell luxury goods. The decision comes after the retailer’s holiday quarter results showed underperformance of its Macy’s department stores compared to Bloomingdale’s and Bluemercury. This shift in strategy follows the recent appointment of former Bloomingdale’s CEO Tony Spring as Macy’s CEO on February 4. In addition to the store closures, Macy’s had previously announced the closure of five namesake stores and layoffs of over 2,300 employees in January. For more information, you can visit www.cnbc.com
2024-02-27 14:58:04