New York
CNN
–
Macy’s is closing several dozen stores as part of a previously announced turnaround plan to save the beleaguered retailer.
Last year, Macy’s announced it would close 150 underperforming stores by 2026, shrinking its footprint to about 350 locations when the plan ends. The 66 store closings disclosed Thursday are part of that multi-year initiative. But until now, Macy’s had not made public which stores would be closing.
Macy’s CEO Tony Spring said in a press release that closing “any store is never easy” but that the selected locations are “underperforming” for his so-called Bold New Chapter strategy, which includes a shift in pursuit of wealthier buyers at the highest price. brands including Bloomingdale’s and Bluemercury.
The retail industry has been divided in recent decades: low-end stores focused on cost savings, such as Walmart, have done particularly well. But so have luxury brands as shoppers with means have been able to keep up their spending despite the higher prices. Macy’s is caught in the middle.
The company is “closing underperforming 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 enhanced service,” it said. Spring.
The strategy is designed to avoid activist investors and increase the company’s declining sales and stock. But shares of Macy’s ( M ) have fallen about 15% since the plan was announced a year ago.
Activist investors are begging the company to make changes to boost its stock and outlook. They argue that Macy’s is sitting on real estate that is more valuable than the company itself and that its struggles are making its stock so unattractive that it is worth less than the sum of its parts.
Macy’s has disputed this, arguing that it is on a path to return to sustainable growth.
The 66 affected locations are a mix of the flagship department store, its furniture-focused spinoff, and Backstage, Macy’s off-price rival to Marshalls and TJ Maxx. Clearance sales will start in the coming days and some stores have already closed.
These are the locations Macy’s plans to close:
6535 E. Southern Ave. at Superstition Springs Center (Mesa)
2015 Birch Rd. in Otay Ranch Town Center (Chula Vista)
6000 Sunrise Mall (Citrus Heights)
1400 Redwood Highway (Corte Madera)
750 W 7th St. (Los Angeles)
200 Newpark Mall (Newark)
1555 Camino De La Reina at Mission Valley Home (San Diego)
2838 South El Camino (San Mateo)
300 Westminster Mall (Westminster)
414 K St. (Sacramento)
6797 South Vine St. (Centennial)
8298 E. Northfield Blvd. in stores in Northfield (Denver)
820 West Town Parkway (Altamonte)
9339 Glades Rd. (Boca Raton)
801 N. Congress Ave. (Boynton Beach)
4501 N. Federal Highway (Fort Lauderdale)
13640 Pine Blvd. (Pembroke Pines)
3501 S Tamiami Trail at Westfield Siesta Key (Sarasota)
13251 South Dixie Highway (Miami)
298 Westshore Plaza at West Shore Plaza (Tampa)
3360 Ventura Parkway (Duluth)
2100 Pleasant Hill Rd. at Gwinnett Place Mall (Duluth)
3630 Peachtree Parkway in Downtown Johns Creek (Suwanee)
200 W. Hanley Ave. at Silver Lake Mall (Coeur d’Alene)
104 White Oaks Mall (Springfield)
5733 Johnston St. at Acadiana Mall (Lafayette)
Maryland
600 Baltimore Pike at Harford Mall (Bel Air)
6901 Security Blvd. at Security Square Mall (Baltimore)
101 Kingston Collection Way (Kingston)
4600 Miller Rd. at Genesee Valley Center (Flint)
14200 Lakeside Circle at Lakeside Mall (Sterling Heights)
3400 S. Airport Rd. W. to Grand Traverse Mall (Traverse City)
500 W. 14 Mile Rd. at Oakland Mall (Troy)
14251 Burnhaven Drive (Burnsville)
3001 White Bear Ave. (Maplewood)
400 NW Barry Rd. at Metro North Mall (Kansas City)
10 S. County Center Way in South County Center (St. Louis)
495 Prospect Avenue West (West Orange)
422 Fulton St. (Brooklyn)
2027 Emmons Ave. (Brooklyn)
404 East Fordham Rd. (Bronx)
88-01 Queens Blvd. (Queens)
834 Walt Whitman Rd. at Melville Mall (Huntington)
1526 Union Turnpike (New Hyde Park)
400 Sunrise Mall (Massapequa)
397 Greece Ridge Center at Greece Ridge Center (Rochester)
98 Richmond Hill Rd. (Staten Island)
2727 Fairfield Commons Blvd. (Beavertown)
5001 Monroe St. at Franklin Park Mall (Toledo)
2055 NE. Allie Ave. on the streets of Tanasbourne (Hillsboro)
400 High St. WE. (salem)
5580 Goods Lane at Logan Valley Mall (Altoona)
245 Exton Square Mall (Exton)
1300 Market St. (Philadelphia)
59 Wyoming Valley Mall (Wilkes Barre)
4545 Poplar Ave. at Oak Court Mall (Memphis)
321 State St. at Southlake Town Square (Dallas)
6101 Long Prairie Rd. (mound of flowers)
1751 River Run (Fort Worth)
100 Almeda Mall (Houston)
6209 W. Park Blvd. at the Shops at Willow Bend (Plano)
201 Stacy Rd. (Fairview)
170 Southpark Circle (Colonial Heights)
3500 S. Meridian at South Hill Mall (Puyallup)
15340 NE 24th St. (Redmond)
10315 Silverdale Way NW at Kitsap Mall (Silverdale)
