Macy’s to Shut Down 150 Stores

Macy’s to Shut Down 150 Stores 

Earlier this month, iconic chain Macy’s revealed plans to close 150 branches over the next two years, including its beloved Philadelphia store. 

Macy’s has announced the closure of 150 stores as part of its “Bold New Chapter” strategy.

Tony Spring, chairman and CEO of Macy’s, Inc., explained in a statement, “Closing any store is never easy, but as part of our strategy, 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.”

The closures are part of a larger effort to streamline operations and strengthen Macy’s presence in more profitable locations.

This follows the announcement last month from fabric and crafts retailer Joann that it would be going out of business after 80 years. Walgreens, Party City, and CVS have also fallen victim to the ongoing retail “bloodbath.” 

Experts attribute these closures to a combination of factors, including the shift to online shopping, rising operating costs, changing consumer habits post-pandemic, and increased competition. These closures are leaving many towns with “shopping deserts,” as major retailers scale back their physical presence.

Mass store closures are creating “shopping deserts” across towns and cities in the US, as retailers struggle to adapt to the post-pandemic landscape. 

Well-known brands such as Walgreens, Party City, and CVS have been caught in the wave of closures, contributing to what has been described as a retail “bloodbath.” 

The closures reflect the challenges faced by businesses in a changing retail environment, with many stores shutting down due to declining foot traffic, rising costs, and shifting consumer habits. These closures are leaving large gaps in local economies, particularly in smaller towns that rely on these retail hubs.