Macy’s Announces New Three-Year Strategy, Closing Approximately 125 Stores

Executive Summary

Macy’s announced a new three-year strategy to stabilize profitability and drive growth.

• The three-year strategy includes five pillars: strengthening customer relationships, curating quality fashion, accelerating digital growth, optimizing the store portfolio and resetting the cost base.
•  Macy’s will prune 125 stores from its fleet of over 870, mostly in lower-tier malls.
• Macy’s will move its San Francisco macys.com headquarters to New York City, and will expand its technology presence in the Atlanta area.
• The company provided preliminary 4Q and full-year 2019 sales results and narrowed annual EPS guidance to the upper end of the range.