Macy’s is looking to close 45 of its department stores by the middle of the year.
These closures are a part of a plan to have 125 locations closed by 2023. A spokeswoman for the company stated, “As previously announced, Macy’s is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls.”
She continued, “To that end, we announced several store closures today that align to the guidance we provided in February 2020. These closures bring us closer to achieving the right mix of mall-based stores.”
Back in November, Macy’s reported that their same-store sales fell more than 20% due to the Covid pandemic, but digital sales went up 27%. However, those gains were not enough to cover the losses of the stores.
As of right now, it is not clear which stores will be included in the 45 that are set to close. Stay tuned for updates.