Macy’s Inc. has announced the closure of nine stores in New York as part of a broader revitalization strategy aimed at returning the retailer to sustainable profitability. This initiative is set to involve the closure of around 150 underperforming locations over the next three years. The decision emerges amid a 2.4% decline in overall sales for Macy’s, which reported $4.7 billion in revenue during the third quarter ending November 2, 2024. However, the company is seeing a positive trend at its First 50 locations, with sales rising by 1.9% for the third consecutive quarter.
Tony Spring, the chairman and CEO of Macy’s, emphasized the challenge of closing stores but reinforced that it is a necessary step to focus resources more effectively on stores that are yielding better customer responses. The nine New York locations slated for closure include:
1. Lake Success: 1550 Union Turnpike
2. Huntington: Melville Mall, 834 Walt Whitman Rd.
3. Elmhurst: Queens Place, 88-01 Queens Blvd.
4. Brooklyn: Sheepshead Bay, 2027 Emmons Ave.
5. Rochester: Greece Ridge Mall, 397 Greece Ridge Center
6. Massapequa: Sunrise Mall, 400 Sunrise Mall
7. Brooklyn: 422 Fulton St.
8. Staten Island: Staten Island Furniture, 98 Richmond Hill Rd.
9. Bronx: Fordham Place, 404 East Fordham Rd.
While the exact timeline for these closures is not yet clear, clearance sales are set to begin in January and last approximately 8-12 weeks. Specific locations, including Lake Success and Melville Mall, are expected to have going-out-of-business sales in the first quarter of 2025, with others closing by mid-2025.
This consolidation effort signals a transformative approach by Macy’s as it pivots toward profitable growth, aligning its store presence with market demands. As the company navigates these changes, hope remains that their focus on core stores will enhance customer experiences, ultimately driving improved business outcomes in the future.
Summary: Macy’s will close nine stores in New York as part of a plan to shutter around 150 underperforming locations over three years to enhance profitability. The initiative comes as the company navigates recent sales challenges but sees growth at its key locations. Clearance sales begin next month, with some locations expected to close in 2025.