Macy's has confirmed that four of its locations will close by April 2023.
Macy's had already closed dozens of stores in the past years and plans to close around 125 stores, or a fifth of its locations, over a three-year period. The four locations closing are in California, Colorado, Hawaii, and Maryland.
Macy's that are closing:
- (California) Los Angeles: Baldwin Hills Crenshaw Plaza, 4005 Crenshaw Blvd
- (Maryland) Gaithersburg: Lakeforest Mall, 701 Russell Ave
- (Hawaii) Kaneohe: Windward Center (Oahu), 46-056 Kamehameha Highway
- (Colorado) Fort Collins: Foothills Mall, 215 E Foothills Parkway.
Why are stores closing?
Macy's, one of the largest American department store chains, has been facing difficulties due to the shift in consumer behavior towards e-commerce after the COVID-19 pandemic. To address these challenges, the company announced the Polaris transformation strategy in February 2020, which includes a focus on digital platforms and customer experience, as well as optimization and repositioning of its store fleet.
The Polaris strategy aims to create a more modern and customer-centric Macy's by investing in technology and data analytics to better understand and serve its customers. The retailer plans to achieve this by closing underperforming stores and reallocating resources to growth areas.
In addition to the four stores mentioned earlier, Macy's has already closed dozens of stores in the past years, including flagship stores in major cities such as New York and Chicago. The company plans to close a total of 125 stores by 2023, which is about 20% of its current store fleet.
Macy's is also focusing on expanding its off-mall locations, such as standalone stores and neighborhood stores, to reach more customers and reduce its reliance on shopping malls, which have been struggling in recent years due to the rise of e-commerce.
Despite the challenges, Macy's remains a major player in the retail industry and is taking proactive steps to adapt to the changing landscape and remain relevant to consumers.
What are your thoughts?
What are your thoughts about these store closures? Will this affect your shopping experience? Is there a store closing near you?
Please let me know what you think in the comments below.