February 28, 2024
Staff photo/PhillyVoice
Macy's said about 30% of existing storefronts will be shuttered over the next three years. The picture above shows its location at 13th and Market.
Macy's is staying silent on whether Philly-area stores will be among the 150 locations it's planning to close nationwide.
The retail chain announced plans Tuesday to shutter underperforming stores over the next three years in favor of focusing on luxury brands Bloomingdale's and Bluemercury, which it owns. All in all, about 30% of existing Macy's storefronts will be closed, starting with 50 stores this year alone. Macy's will have about 350 stores after the closures.
In an email to PhillyVoice, Macy's declined to share details of what stores would be closing. There are approximately 12 Macy's locations in the Philadelphia area, including South Jersey.
"As part of our strategy, we intend to close approximately 150 locations over the next three years so we can prioritize investments in the stores that will lead us to a healthier future," Macy's said in an emailed statement. "Closing a store is never an easy decision. We are committed to supporting our impacted colleagues with opportunities wherever available across Macy’s, Inc. and to communicating with transparency."
Macy's said the closures are part of "A Bold New Chapter" strategy, which will "fundamentally reposition the company" as it focuses on luxury brands, strengthening Macy's name and brand while modernizing some of its operations. That includes digital shopping tools and refreshing its products, the company said.
However, the company said in November that it would open 30 smaller stores over the next two years, all of which are about 20% the size of a typical Macy's store, and it rejected a $5.8 billion acquisition offer from Arkhouse Management and Brigade Capital Management last month.
Much of Macy's value is reportedly from its real estate holdings, as in-person stores struggle to compete with online shopping.
The Macy's Center City location is known for its Christmas display.
