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Almost a year ago, Macy’s announced an ambitious restructuring plan to modernize that included getting rid of approximately a quarter of its large stores.
Now, the retailer has announced the largest closure it will make since the pandemic began, as it will soon cease operations 45 of the 125 stores that in February said that It would gradually close as part of its restructuring plan.
Most of the stores that Macy’s is closing are in malls where there are almost no shoppers. The chain now wants to focus on its best-selling stores, larger-caliber shopping malls, as well as its e-commerce business and newer and smaller stores that will open in the next few years, a format that he is currently testing.
“As previously announced, Macy’s Inc. commits to resizing our store fleet by concentrating our existing retail locations in desirable, high-traffic malls, ”said a Macy’s spokeswoman, according to Fortune .
You are expected to 45 stores will be closed this year.
It should be noted that almost the 40% of Macy’s revenue comes from their online sales and in last fiscal year they had a loss of $ 4, 01 million dollars during the first three quarters .
Macy’s, which also owns chains like TJ Maxx, Ulta Beauty and Target, has managed to stay afloat so far thanks to this closure strategy.
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