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

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Coresight Research

Key Points

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.

 

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