Macy’s is Closing 150 Stores Over the Next 3 Years (Here’s What This Means For Shoppers!)

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Macy’s is closing 150 stores over the next 3 years as the company switches gears towards luxury…

Macy's storefront inside mall

Macy’s plans to shutter 150 stores and will open luxury locations instead…

Fourth quarter was rough on Macy’s. The popular department store booked a $71 billion loss last quarter amid declining sales both online and in-store. As a result, the company plans to close 150 low-performing stores over the next three years.

At least 50 of those stores will close in 2024, including locations in Hawaii, Virginia, California, and Florida. The closures also include the 40,000 sq. ft. Macy’s store in Union Square in San Francisco.

Additionally, Macy’s announced in January plans to cut their staff by 3.5% which comes to about 2,350 employees.

If you’re a Macy’s patron, you might be wondering what these changes mean for you and the future of the company.

Though some of their larger stores will be closing, Macy’s announced plans to open up to 30 more small-format stores by 2025. The store openings will begin starting Fall of 2024. These stores are usually located in shopping malls and are more compact in size, thus providing convenience to shoppers.

Furthermore, the company plans to invest more in the approximately 350 stores that will remain open. This may translate to improved customer service at the open locations.

And that’s not all!

a Macy's Shopping bag

Macy is turning their focus to luxury…

Despite shutting the doors on many Macy’s locations, the company actually plans to open some of its other high-end stores. The company plans to open 15 high-end Bloomingdale’s stores and 30 luxury Bluemercury cosmetics locations.

In an interview with CNBC, CEO Tony Spring indicated that the company is going to focus on what products. stores, and locations are doing the best.

As the stores begin to close down, keep an eye out to see if your local Macy’s store makes the cut!

How do you feel about the changes coming to Macy’s?

Read more of the latest shopping news here on Hip2Save!

About the writer:

Kara is a writer and photographer from the Midwest. Her creative work has appeared in various publications over the past decade. With a background in finance, she loves to be money-savvy.

Join The Discussion

Comments 5

  1. Grace ES

    For years, Macy’s has ruined their stores, and then the online shopping trend was the final blow.

  2. Lora

    They closed down a Macy’s in one of the malls near us a few years ago. The next nearest one was in a neighborhood that I never frequented. That’s when I stopped shopping at Macy’s and so did many people that I know. I would not be surprised if that location closes.

  3. cindylouwhooo

    There is a Macy’s slightly nearby me in a mall that gets robbed so often as of late. The jewelery counter there seems to be a thief magnet. It is such a shame.

  4. Brandi

    So much online shopping killing retail stores. 🙁

  5. Gege1804

    I’m a macys shopper and people often ask me where I shop . There are good deal
    In store but since I have a baby now, I don’t go in their store as much. I do have their credit card so Ido get free shipping

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