What's Inside

On February 27, 2024, Macy’s reported its fiscal 2023 earnings and announced its “A Bold New Chapter” strategy, which aims to fundamentally reposition the company and deliver growth. As part of this strategy, the company announced it plans to close approximately 150 underproductive Macy’s locations, with 50 closing by the end of its fiscal 2024. We detail this development and its implications for Macy’s and the US department store sector.

Data in this research report include:

• Total US store count, as well as 2018–2023 CAGR and 2022–2023 year-over-year change, of selected major department stores

Companies mentioned in this report include: Amazon, Dillard’s, Kohl’s, Macy’s, Nordstrom

Other relevant research:

• Macy’s $5.8 Billion Buyout Bid: A Symphony of Risk and Opportunity
• US Department Stores—Retail 2024 Sector Outlook: Soft Sales Growth; Opportunities in Different Store Formats and Alternative Models
• Market Navigator: US Department Stores—Softness Ahead Despite Opportunities in Experiences and Alternative Models
• Day Three at NRF 2024: Retail’s Big Show—Lessons from Macy’s, Shein, Temu and More