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 Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for Other research you may be interested in: Weekly US and UK Store Openings and Closures Tracker 2023, Week 43: Z Gallerie Drives Additional US Store ClosuresResponses to Inflation and Financial Resilience—Strategic Purchasing Behavior: US Consumer Survey InsightsMass Merchandiser and Warehouse Club Shopping in Focus—Walmart Leads but Costco Gains in Latest Quarter: US Consumer Survey InsightsUS Consumer Tracker: Analyzing Cross-Shopping at Nonfood Retailers