Macy’s to Close 125 Stores
Macy’s is closing 125 stores nationwide as part of a three-year strategy to ditch under-performing locations. The department store seeks to target its growing digital business and expand in-store tactics that are working while testing new concepts.
Like many other department-store chains, Macy’s legacy as a go-to for household and family needs has declined as shoppers look to other retailers, both online and at brick-and-mortar sites, while also shifting spending.
In 2020, Macy’s expects to preserve about $600 million in spending, some of which will flow to the bottom line and possibly stabilize operating margins that have been damaged by the company’s struggle to stay relevant.
By Jennifer Waters. Costar News. 2/4/2020