MACY’S TO CLOSE 150 STORES AS IT SHRINKS – TO FOCUS MORE ON SERVICE AND HIGHER END STORES
ALEX STONE, ABC NEWS CORRESPONDENT
Macy’s says it will be closing 150 more stores over the next three years including 50 by the end of this year. The announcement came after Macy’s posted a 4th quarter loss and declining sales. Macy’s says its plan is to upgrade its remaining 350 stores with plans to add more salespeople to fitting areas and the shoe departments. It wants to pivot to higher end sales by opening 15 Bloomingdales and 30 luxury Blue Mercury cosmetic locations. Department stores continue to suffer in the age of online sales. Even before the pandemic Neiman Marcus and JCPenney filed for bankruptcy. Macy’s says a survey found customers want less cluttered stores and more service. Macy’s had a quarterly loss of $71 million.
ABC'S Alex Stone