Macy’s is moving forward with its “Bold New Chapter” strategy, announcing the closure of 66 underperforming stores across the United States. This move is part of a larger plan to shutter 150 stores by 2026, ultimately reducing the retail giant’s footprint to approximately 350 locations.
The closures, announced Thursday, come as Macy’s attempts to navigate a changing retail landscape and fend off activist investors concerned about the company’s declining sales and stock value.
READ: Florida Woman Busted After Texting Narcotics Investigator For Drugs
Macy’s CEO Tony Spring acknowledged the difficulty of closing stores but emphasized the need to prioritize investments in “go-forward” locations that align with the company’s new strategy. This strategy involves focusing on more affluent shoppers and elevating offerings from higher-end brands like Bloomingdale’s and Bluemercury.
“We are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go-forward stores, where customers are already responding positively to better product offerings and elevated service,” Spring stated.
Among the 66 stores slated for closure, several are located in Florida, including:
- Altamonte Springs (West Town Parkway)
- Boca Raton (Glades Rd.)
- Boynton Beach (N. Congress Ave.)
- Fort Lauderdale (N. Federal Highway)
- Pembroke Pines (Pines Blvd.)
- Sarasota (S. Tamiami Trail in Westfield Siesta Key)
- Miami (South Dixie Highway)
- Tampa (Westshore Plaza)
Activist investors have been pressuring Macy’s to make changes to boost its stock performance, arguing that the company’s real estate holdings are more valuable than the company itself. Macy’s, however, maintains that it is on a path to sustainable growth.
READ: Florida Sen. Ana Maria Rodriguez Intros Safe Waterways Act To Improve Public Safety, Health
Liquidation sales will begin in the coming days at the affected stores, with some locations already closed. The closures represent a significant shift in Macy’s strategy as it seeks to adapt to the evolving retail landscape and cater to a more affluent customer base.
Please make a small donation to the Tampa Free Press to help sustain independent journalism. Your contribution enables us to continue delivering high-quality, local, and national news coverage.
Connect with us: Follow the Tampa Free Press on Facebook and Twitter for breaking news and updates.
Sign up: Subscribe to our free newsletter for a curated selection of top stories delivered straight to your inbox.