Here’s the full list of Macy’s stores expected to close this year: 1 .
You might be thinking “Is Macy’s closing stores?”
Macy’s joins a growing list of department store chains that are closing stores nationwide .
Is Macy’s closing all of its department stores?
The entrance to a Macy’s department store. Macy’s has notified the employees at about 45 of its department stores that they will close by the middle of this year, CNBC has learned. The closures are part of a previously announced plan by Macy’s to shut 125 locations by 2023, which the retailer outlined last February.
As result, Macy’s plans to be “a smaller company for the foreseeable future.” As of right now, Macy’s has only released a list of store closings for the first quarter of 2021. All of the stores listed below are set to close by April 30, with the exception of the Macy’s at South Towne Center in Utah, which will close mid-year.
The closures by Macy’s will add to the glut of retail real estate that has gone back on the market in recent years, pummeling landlords. In 2020, retail businesses from boutique apparel chains to department store operators announced more than 11,000 closures, according to tracking from the real estate firm Co, and star group.
Is Macy’s going out of business?
The closures are part of a previously announced plan by Macy’s to shut 125 locations by 2023, which the retailer outlined last February. Macy’s is closing dozens of department stores this year, in a bid to move out of underperforming malls and trim a real estate empire that isn’t as valued as it once was.
Macy’s has released a list of the handful of department store locations that it plans to close in the first quarter of this year. It includes six full-line department stores, a Bloomingdale’s outlet store, and a Macy’s store that the company said already closed in 2021 but was never announced publicly.
The company’s stock is down 40% over the past 12 months, and down 50% over the last three years. In addition to the stores closing, Macy’s says it will make New York City its sole corporate headquarters and will be closing several corporate offices, including locations in San Francisco and Cincinnati.
How many Macy’s stores are there in the US?
Macy’s currently operates 544 of its namesake department stores, along with 34 Bloomingdale’s locations, 19 Bloomingdale’s outlets and 166 Bluemercury shops, according to its website. Here’s the full list of Macy’s stores expected to close this year: 1.
How many department stores does Macy’s have?
It includes six full-line department stores, a Bloomingdale’s outlet store, and a Macy’s store that the company said already closed last year but was never announced publicly.