Macy’s has revealed 64 stores that will be closing their doors soon in addition to two that have already shuttered. The store closures are part of what Macy’s calls its “Bold New Chapter” strategy, which is designed to return the company to profitability by closing underperforming stores and focusing its resources on more profitable locations.
Fast Company previously reported that the department store chain was increasing its list of planned closures for its 2024 fiscal year.
As part of the “Bold New Chapter” strategy, Macy’s has previously announced a total of 150 stores will be shuttered by the end of its fiscal 2026, which is January 31, 2027. After the closure of 150 stores, Macy’s says it will have 350 locations still in operation.
What Macy’s stores are closing?
The full list of all 150 locations that are closing by the end of January 2027 is unknown, but Macy’s has released a list of 66 of those stores that are to close, including two that already are.
In this round of closures, several states are hit harder than others. California will see nine store closures during this round, Florida will see eight, New York will see nine, and Texas will see six. The full list of closing Macy’s locations spans 22 states.
Here is the full list of all 66 store closures included in this round:
Arizona
Superstition Springs Center: 6535 E SOUTHERN AVE MESA AZ
California
Broadway Plaza: 750 W 7TH ST LOS ANGELES CA
Hillsdale FurnitureL 2838 SOUTH EL CAMINO REAL SAN MATEO CA
Sunrise Mall: 6000 SUNRISE MALL CITRUS HEIGHTS CA
Westminster Mall: 300 WESTMINSTER MALL WESTMINSTER CA
NewPark Mall: 200 NEWPARK MALL NEWARK CA
Mission Valley Home: 1555 CAMINO DE LA REINA SAN DIEGO CA
Otay Ranch Town Center: 2015 BIRCH RD STE 2 CHULA VISTA CA
Village at Corte Madera: 1400 REDWOOD HWY CORTE MADERA CA
Downtown Plaza: 414 K ST SACRAMENTO CA
Colorado
Northfield Stapleton: 8298 E NORTHFIELD BLVD DENVER CO
Streets at Southglenn Furniture: 6797 SOUTH VINE STREET CENTENNIAL CO (already closed)
Florida
Boynton Beach Mall: 801 N CONGRESS AVE STE 100 BOYNTON BEACH FL
Ft Lauderdale Furniture: 4501 NORTH FEDERAL HIGHWAY FORT LAUDERDALE FL
Two of the locations have already closed, one in Colorado and one in Florida. Macy’s says the other 64 locations will begin clearance sales by the end of this month. Those sales are expected to run for 8 to 12 weeks, at which point the stores will shutter for good.
The timeline is a little different if the store is a Macy's Backstage or Macy's Furniture Galleries location. Those stores will begin their clearance sales in February and those will run for approximately six weeks after.
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,” Macy’s CEO Tony Spring said in a prepared statement about the closing locations.
How is Macy’s stock price reacting?
Publishing the list of closing stores seems to have done little to impact Macy’s stock price—most likely because it was already known that Macy’s would be shuttering 150 locations over the coming years.
Macy’s released the list yesterday, January 9, a day in which trading on the stock market was paused due to former president Jimmy Carter’s funeral services. In premarket trading this morning, shares of Macy’s (NYSE: M) are down less than half a percent to $15.96 per share.
Year to date, which so far includes just five trading days, Macy’s stock is down 4.4%. Over the previous 12 months, Macy’s stock has fallen 14.82% in total.
No comments