Macy’s announced on Wednesday that the retailer plans to close approximately 125 of its least productive stores over the next three years, including approximately 30 stores that are in the process of closure now.
These approximately 125 stores currently account for approximately $1.4 billion in annual sales.
Macy’s said in a release that it “completed a rigorous evaluation of Macy’s store portfolio. This included a store-level assessment of each store’s overall value to the fleet, including predicted profitability based on consumer trends and demographics.”
The remaining stores will see upgrades, with 100 stores slated for upgrades in 2020.
The upgrades include improvements to the physical store, as well as investments in merchandising strategies, technology improvements, talent, and local marketing.
So far 150 stores have been upgraded, which account for approximately 50% of 2019 total stores’ sales.
Macy’s said that these stores continue to outperform the balance of the fleet.
“Our customers expect convenience and a tailored experience across all channels. We have an opportunity to build a broader yet integrated Macy’s experience within a metropolitan area by investing in our magnet stores, building freestanding Backstage locations and testing new, off-mall store formats,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.
“The more convenient, brand-right touchpoints we have, the greater loyalty and engagement we engender. This will enable us to grow with the next generation of American shoppers.”
Florida Macy’s Store Closure List 2020
Pompano Citi Centre, Pompano Beach
Seminole Towne Center, Sanford
Indian River Mall, Vero Beach
The Falls, Miami Bloomingdales