One of the most popular retailers in malls nationwide announced a plan to close 150 stores over the next two years, but leadership has yet to identify which stores will be closed.
Macy’s announced the closures as part of its “Bold New Chapter”, which will also include an increased focus on luxury items, and plans to open 15 Bloomingdale’s nameplate stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels to be opened in new and existing markets over the next three years.
“A Bold New Chapter serves as a strong call to action. It challenges the status quo to create a more modern Macy’s, Inc,” Macy’s CEO Tony Spring said. “We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value.”
Beginning in 2025, Macy’s, Inc. expects:
- • Low-single-digit annual comparable Owned + Licensed + Marketplace sales growth
- • Annual SG&A dollar growth below the historic rate of inflation of 2%-3%
- • Annual Adjusted EBITDA dollar growth in the mid-single-digit range
- • Capital spend to be below 2024 levels
- • Free cash flow to return to pre-pandemic levels.
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