Mon, June 24, 2024

Iconic retailer with an Augusta location announces store closings

Macy’s, which has an anchor store in the Augusta Mall, has announced massive store closings, including 50 by the end of this year and another 100 underperforming stores to close by the end of 2026.

Although the full list of store closings has not been released, in an official statement requested by ABD, Macy’s corporate communications confirmed Macy’s Augusta Mall will remain open.

“Our new strategy is designed to return Macy’s, Inc. to profitable growth and enhance the customer experience,” the statement explained. “We intend to close approximately 150 Macy’s stores over the next three years. This allows us to focus our investments and resources on Macy’s go-forward locations including full line, furniture, and current off-mall locations and Bloomie’s, Bloomingdale’s The Outlet, and Bluemercury stores.”

The statement concluded saying, “We look forward to continuing to serve our customers at the Macy’s Augusta Mall.”

Opened in 1858 in New York, Macy’s announced annual sales were below market expectations on weak demand for its apparel and shoes in its 4th quarter earnings report. The announcement made on Tuesday also resulted in a 3% drop in stock market shares.

Stores and shopping malls across the country are working to reinvent themselves to stay in business. In a news release on its website, the retailer announced what it called “A Bold New Chapter” to enhance the customer experience, deliver growth, and unlock shareholder value.

Developed by Macy’s leadership team, the strategy balances the art and science of retail and is informed by comprehensive customer research.

“A Bold New Chapter serves as a strong call to action. It challenges the status quo to create a more modern Macy’s, Inc. We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments, and compelling value,” the release quoted Tony Spring, Chief Executive Officer, Macy’s, Inc.

“Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth, and value creation for our shareholders.”

The new strategy aligns the Macy’s, Inc. team across three strategic priorities:

Strengthen the Macy’s Nameplate: Macy’s plans to put the customer first, prioritizing three key areas to return to top-line growth: 1) Revitalizing the assortment to improve both relevance and value; 2) Modernizing the shopping environment to facilitate a convenient, easy, and frictionless customer experience across channels with continued focus on digital excellence; and 3) Focusing resources by closing approximately 150 underproductive locations, including approximately 50 by the end of the fiscal year, and prioritizing investment in approximately 350 go-forward locations and the continued expansion of small-format stores.

Accelerate Luxury Growth: Macy’s, Inc. plans to take advantage of its leadership position in the luxury market, where Bloomingdale’s and Bluemercury have been outperformers within the Macy’s, Inc. portfolio and across the broader luxury landscape, by further growing its store fleet and digital presence. As part of the strategy, approximately 15 Bloomingdale’s nameplate stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels are anticipated to be opened in new and existing markets over the next three years.

Simplify and Modernize End-to-End Operations: Over the next three years, the organization plans to rationalize and monetize the supply chain asset portfolio, streamline fulfillment, improve inventory planning and allocation, and deliver a scalable technology platform. Across the organization, Macy’s, Inc. plans to align operations to anticipated future omni-demand and deliver a more efficient operating model that will allow the organization to better serve customers.

For additional details on Macy’s Bold New Chapter, visit macysinc.com/investors.

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