Macy's (M.US) will be closing 66 underperforming stores across the United States, shifting its focus to more cutting-edge locations.
AInvestFriday, Jan 10, 2025 8:40 am ET
1min read
M --
STEL --

Macy's (M.US) will close 66 stores across the US, including nine in New York and nine in California, as part of its strategy to close 150 underperforming stores by 2026, the company announced.The retailer's earlier announced strategy, aimed at restoring sustainable, profitable sales growth and upgrading 350 more profitable stores, is already boosting sales for the past three quarters."We are closing Macy's stores that are inefficient to allow us to focus our resources and invest first in our front stores, where customers have already responded positively to better products and higher service," Macy's CEO Jeff Gennette said.Macy's "bold new chapter" strategy, which has invested in the first 50 stores to improve the customer experience, has already boosted sales. The company plans to bring that enhanced customer experience to more stores through its digital channels.While the performance of the first 50 stores seems promising, it is not yet clear how much of the stellar performance is due to the stores' general strength, according to Elephant Analytics, which runs an investment group."However, Macy's notes that some of its lower volume stores (in the first 50) have seen the biggest sales increases," he added.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.