https://www.cgwall.com/media/stores-closingmacys-store-closures-list-grows-to-55-in-2024-what-this-means-for-the-retail-giant/
10 replies (most recent on top)
Just saving your time..... NO OFFICIAL LIST HAS BEEN ANNOUNCED. Stores that for sure know they are closing have already been spoken to.
Are the employee notifications just for stores closing in January 2025 or for 2026 and 2027 as well? I haven’t heard anything about my store but I’m wondering if I should start looking around for somewhere else or if I’ll be secure for the next few years.
Macy’s East and Macy’s West will be the final regions. Bye bye Central!
The company has notified the closing stores and at least those team members are aware and can begin looking for other jobs, either outside or within the company. That's great, but if we are closing 55 stores, that means we will yet again be consolidating divisions, meaning that in addition to the people in the stores losing their jobs, another group of division level people will lose their job as well.
When will the company tell these people? Most of us just went into these jobs earlier this year, now we gotta wait for another end of year Hunger Games episode. Even if we make it through the next round of cuts, we can expect another two divisions at the end of 2025 and another two at the end of 2026. Once we get down to 350 stores, it's not likely that the company will need three regions, probably looking at going down to just tow based out of each coast.
It's too stressful and depressing working here with little in the way of real growth and opportunities in the future.
We are closing stores, thus employees will be out of jobs. Even after the store closings (3 years from now) retail is always in a constant state of change. Staffing levels will not be same then as they are now.
It will be more than 55 this year.
More than 2,000 employees. 55 stores multiplied by an average of 100 per store = 5,500
you left out they are laying off 2000 employees also
From 50 to 55 is this really big news?
Stores closing : Macy’s, the well-known retail giant, has just expanded its list of store closures for 2024. The company now plans to shut down 55 locations this year, up from the previously estimated 50 stores. While this might sound like bad news, Macy’s is framing it as a positive development.
The Store Closure Strategy
Macy’s is in the midst of a major strategic shift. The company is focusing on remodeling and investing in certain stores, while also closing others. This approach is part of a broader plan to streamline operations and improve profitability.
During its second-quarter earnings call, Macy’s shared updates on its ongoing efforts. The retailer is working with landlords and developers to monetize the closed locations through real estate deals. Adrian Mitchell, Macy’s Chief Financial Officer, expressed optimism about the progress, saying, “We’re getting very healthy responses from landlords and developers. The deal pipeline is healthy even in this environment.”
Understanding the Closures
Macy’s initially planned to close 150 stores by 2026, with 50 of those closures set for fiscal 2024. The new estimate of 55 closures for this year reflects the company’s accelerated timeline. Macy’s refers to the stores set for closure as “non-go-forward” locations, contrasting them with “go-forward” stores that are part of its revitalization strategy.
The company has not publicly disclosed the exact locations of the stores that will close. However, employees and customers have been tracking potential closures through various channels, including the MacysStores subreddit. The lack of official announcements has led to speculation and concern among workers and shoppers.
Impact on Employees and Customers
The closure of these stores will undoubtedly affect Macy’s employees and customers. For workers, the uncertainty about which stores will close adds to the stress of an already challenging situation. Some Macy’s locations that are slated for closure have shown signs of neglect, which could be contributing to their reduced performance.
Neil Saunders of GlobalData described these locations as “very messy and dispiriting,” highlighting the challenges faced by stores that are not part of Macy’s future plans.
The Future of Macy’s
Despite the store closures, Macy’s is not retreating from the retail scene. The company has announced plans to expand its Bloomingdale’s and Bluemercury brands by up to 45 new locations by the end of 2026. Macy’s is also investing in smaller-format stores, reflecting a broader trend in the retail industry away from large superstores.
These strategic shifts are part of Macy’s efforts to adapt to changing consumer habits and improve its financial performance. The retailer’s stock experienced a drop of nearly 13% following the release of its Q2 financial results, indicating market concerns about the impact of these changes.
Conclusion
Macy’s is navigating a challenging period in the retail industry, marked by store closures and strategic realignments. While the closure of 55 stores in 2024 represents a significant adjustment, the company views it as an opportunity to streamline operations and focus on profitable locations. As Macy’s continues to adapt, the retail landscape will watch closely to see how these changes impact the company’s future.
For those affected by the closures, it’s a time of uncertainty. However, Macy’s commitment to investing in new locations and smaller-format stores signals its ongoing efforts to remain a key player in the retail sector.