Macy’s is now closing 55 stores by the end of the year and a total of 150 within the next three years, sources are confirming.
Macy’s has announced plans to permanently close 55 stores by the end of 2024 as part of its ongoing efforts to revitalize its business.
This decision marks a shift from the retailer’s initial plan to close 50 underperforming locations, contributing to a total of 150 store closures over three years.
The specific locations of the soon-to-be-closed stores have yet to be revealed.
Many shoppers have expressed their preference for online shopping over visiting physical stores.
“Many people don’t want the hassle of driving to Macy’s or other stores to go shopping; they’d rather shop online,” said Pam Clinton, a resident of Apple Valley, California.
Despite this shift, some customers still enjoy the in-store shopping experience, particularly at Macy’s and Target.
Macy’s, like many retailers, has faced declining sales due to increased competition from online platforms and changing consumer habits that have led to a disinterest in suburban malls.
Statistics from Business Insider indicate that the number of malls in the U.S. has dropped significantly from around 2,500 in the 1980s to nearly 700 in 2022.
GlobalData Retail analyst Neil Saunders highlighted the challenges facing Macy’s, stating, “The biggest things that have gone wrong at Macy’s are the quality of the stores and the product assortment.
Over the years, customers have deserted it, sales have tumbled, and store productivity has gone down.”
California hosts the highest number of Macy’s locations, with 88 stores statewide and nearly 500 across the U.S.
Macy’s CEO Tony Spring noted during a recent earnings call that while the stores being closed are underperformers, they represent valuable real estate assets, and demand for these properties remains strong.
Macy’s continued its presence in the High Desert region with the opening of a store at the Mall of Victor Valley in March 2013, following the bankruptcy of Gottschalks, which had previously occupied the space.
Before this, local residents had to travel to San Bernardino or Rancho Cucamonga to shop at Macy’s.
As Macy’s navigates these closures, the company aims to adapt and thrive in an evolving retail landscape.
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Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy
Other Economy News Today
A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.
Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.
The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.
According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.
As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.
Many fans took to social media to express how upset they were with the loss.
“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.
“It was inevitable,” a second person mourned.
“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.
“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”
One person revealed that they had forgotten the rental service had existed.
Some users were not surprised by the announcement.
“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.
“Also kinda remember getting into a feud with them on here.”
One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.
Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.
At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.
The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.
It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.
Also Read: This Massive Mall Retailer Is Now Closing In California
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