Macy’s has revealed the full list of 66 stores that will be closing in the coming months as part of its “Bold New Chapter” strategy. The closures are the first wave in a broader plan that will ultimately see 150 Macy’s stores shuttered by 2026, with the company focusing on modernizing and downsizing its operations.
In addition to closing underperforming stores, Macy’s is taking steps to refresh its existing locations. Around 350 current stores will undergo renovations and upgrades, while at least 30 new smaller-format Macy’s stores are set to open. The retailer is also expanding its portfolio with new Bloomingdale’s and Bluemercury stores, planning 15 and 30 new locations, respectively.
The first 66 stores set to close will be phased out within the next eight to 12 weeks. This list includes Macy’s outlets in 22 states, with liquidation sales already underway. Some closures, including a store near Minneapolis, Minnesota, and another in Salem, Oregon, were already confirmed during the holiday season. These closures come on the heels of earlier updates, with the number of stores set to close rising from an initial estimate of 50 to 55, and finally reaching 66.
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Macy’s CEO, Tony Spring, emphasized that the closures were a necessary part of the company’s broader strategy to focus on higher-performing locations. “These locations were less productive, and monetizing them is essential to fueling the future of our business,” he said, pointing out that the closures would generate between $600 and $700 million in proceeds.
This move comes as Macy’s has struggled with sales, reporting a 2.4% year-over-year decline to $4.7 billion in its most recent fiscal quarter. Spring noted that this restructuring provides an opportunity to “reimagine” the Macy’s brand and improve the shopping experience for customers, which he believes can and should be better.
Macy’s is not alone in this wave of retail closures. Competitors like Kohl’s and JCPenney have also confirmed significant store shutdowns as they adjust to changing market conditions. Kohl’s recently announced the closure of 27 stores, while JCPenney closed several locations in 2024, with more closures planned for this year.
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As part of Macy’s transformation, about 50 stores have already started their revamps, with an emphasis on improving merchandise offerings. This investment in its physical locations signals Macy’s commitment to enhancing its portfolio and better positioning itself for future growth.
