Insight Report 11 minutes PremiumMacy’s Announces 150 Store Closures—A Turnaround Effort To Drive Performance Sunny Zheng, Analyst Sector Lead: Anand Kumar, Associate Director of Retail Research March 1, 2024 What's InsideOn 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 This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: US Consumer Tracker: Fewer Consumers Trade Down To Combat InflationConsumers Maintain Consistent Summer Spending Patterns: US Consumer Tracker 2023, Week 32Weekly US and UK Store Openings and Closures Tracker 2023, Week 20: US Closures Up by Three-Quarters vs. 2022Day Two at NRF 2023: Retail’s Big Show—Retailers Tap Tech To Streamline the Consumer Journey
