Macy's will be closing 150 locations in the coming months.
It's no secret that many malls across the country aren't doing well, and that means that the stores in them are also suffering, so much so that many have had to shutter locations or even declare bankruptcy. Mall staples like Foot Locker, Bath & Body Works, The Body Shop, Rue21 and Express are among those closing stores, and now, a huge anchor at many malls will be joining them.
It's no secret that many malls across the country aren't doing well, and that means that the stores in them are also suffering, so much so that many have had to shutter locations or even declare bankruptcy.
During the brand's recent earnings call, CEO Tony Spring explained, "As a reminder, in fiscal 2023, comp sales of Macy's go-forward locations outperformed non-go-forward locations by approximately 500 basis points and the four-wall adjusted EBITDA rate outperformed by roughly 950 basis points.
The company has split its locations into "go forward" and "non-go forward" stores.
Currently, there are 519 Macy's stores in the country, but the company also owns over 150 Bluemercury stores and 56 Bloomingdale's.
They plan to invest in new merchandise for the first group, while the 150 Macy's in the second group will be closed.
https://www.iheart.com/content/2024-09-03-another-huge-mall-retailer-closing-150-locations/
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