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 that it was closure of 150 underperforming stores by 2026, reducing its footprint to approximately 350 sites once the plan is completed. The 66 store closures revealed Thursday are part of this multi-year initiative. But until now, Macy’s had not announced which stores would close.
Macy’s CEO Tony Spring said in a press release that closing “a store is never easy” but that the locations chosen are “underproductive” for its so-called “Bold New Chapter” strategy, which includes a shift towards chasing the richest buyers with its high-end products. brands including Bloomingdale’s and Bluemercury.
The retail industry has divided in recent decades: low-end, savings-focused stores like Walmart have done particularly well. But so have luxury brands, as buyers with means have been able to maintain their spending despite rising prices. Macy’s is caught in the middle.
The company is “closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our future stores, where customers are already responding positively to better product offerings and improved service,” Spring said.
The strategy is designed to fend off activist investors and boost the company’s flagging sales and shares. But Macy’s (M) shares have fallen about 15% since the plan was announced a year ago.
Activist investors are pleading with the company to make changes to improve the stock and its prospects. They argue that Macy’s owns real estate that is more valuable than the company itself and that its troubles make its shares so unattractive that they are worth less than the sum of its parts.
Macy’s disputed that assertion, saying it was on track to return to sustainable growth.
The 66 locations affected are a mix of the flagship department store, its furniture-focused spinoff and Backstage, Macy’s off-price rival from Marshalls and TJ Maxx. Liquidation sales will begin in the coming days and some stores have already closed.
Here are the locations Macy’s plans to close:
6535 E. Southern Ave. at Superstition Springs Center (Mesa)
2015 Birch Road. in downtown Otay Ranch (Chula Vista)
6000 Sunrise Mall (Citrus Heights)
1400 Redwood Road (Corte Madera)
750 West 7th Street (Los Angeles)
200 Newpark Shopping Center (Newark)
1555 Camino De La Reina to Mission Valley Home (San Diego)
2838 El Camino South (San Mateo)
300 Westminster Shopping Center (Westminster)
414 K Street (Sacramento)
6797 South Vine Street (Centennial)
8298 E. Northfield Blvd. in stores in Northfield (Denver)
820 West Town Drive (Altamonte)
9339 Glades Road. (Boca Raton)
801 N. Congress Ave. (Boynton Beach)
4501 N. Federal Highway (Fort Lauderdale)
13640, boulevard des Pins. (Pembroke Pines)
3501 S Tamiami Trail in Westfield Siesta Key (Sarasota)
13251 South Dixie Highway (Miami)
298 Westshore Plaza in West Shore Plaza (Tampa)
3360 Ventura Drive (Duluth)
2100 Pleasant Hill Road. at Gwinnett Place Shopping Center (Duluth)
3630 Peachtree Parkway in downtown Johns Creek (Suwanee)
200 W. Hanley Avenue, in the Silver Lake Shopping Center (Coeur d’Alene)
104 White Oaks Shopping Center (Springfield)
5733 Johnston Street in the Acadiana Shopping Center (Lafayette)
Maryland
600 Baltimore Pike in Harford Shopping Center (Bel Air)
6901 Security Boulevard. at Security Square Mall (Baltimore)
101 Kingston Collection Way (Kingston)
4600 Miller Road. in Genesee Valley Center (Flint)
14200 Lakeside Circle in Lakeside Shopping Center (Sterling Heights)
3400 S. Airport Road. W. in Grand Traverse Shopping Center (Traverse City)
500 West, 14 Mile Road. at Oakland Mall (Troy)
14251 Burnhaven Drive (Burnsville)
3001 White Bear Avenue (Maplewood)
400 NW Barry Road. at Metro North Mall (Kansas City)
10 S. County Center Way in South County Center (St. Louis)
495 Prospect Avenue West (Orange West)
422 Fulton Street (Brooklyn)
2027 Emmons Avenue (Brooklyn)
404 Fordham Road East. (Bronx)
88-01 Queens Blvd. (Queens)
834 Walt Whitman Road. at Melville Mall (Huntington)
1526 Union Turnpike (New Hyde Park)
400 Sunrise Shopping Center (Massapequa)
397 Greece Ridge Center in Greece Ridge Center (Rochester)
98 Richmond Hill Road. (Island State)
2727 Fairfield Commons Blvd. (Beaver Town)
5001 Monroe Street, in the Franklin Park Shopping Center (Toledo)
2055 NE. Allie Ave. in the streets of Tanasbourne (Hillsboro)
400 High Street NE. (Salem)
5580 Goods Lane in Logan Valley Shopping Center (Altoona)
245 Exton Square Shopping Center (Exton)
1300 Market St. (Philadelphia)
59 Wyoming Valley Shopping Center (Wilkes Barre)
4545 Poplar Ave. in the Oak Court shopping center (Memphis)
321 State St. in Southlake Town Square (Dallas)
6101 Long Prairie Road. (Mound of flowers)
1751 River Run (Fort Worth)
100 Almeda Shopping Center (Houston)
6209 W. Park Blvd. in the boutiques of Willow Bend (Plano)
201 Stacy Road. (Fairview)
170 Southpark Circle (Colonial Heights)
3500 S. Meridian in South Hill Shopping Center (Puyallup)
15340 NE 24th Street (Redmond)
10315 Silverdale Way NW in Kitsap Shopping Center (Silverdale)