Macy Stores Closing: Macy’s has taken a step forward by closing down four of its stores located in California, Colorado, Maryland, and Hawaii. These stores, situated within different malls, ceased operations by the end of January 2023.
To prepare for the permanent closure, the company conducted clearance sales to liquidate the remaining old inventory. This decision aligns with Macy’s growth strategy. It aims to reduce expenses by shutting down its least productive stores while focusing on establishing new independent stores nationwide.
Which Macy’s Stores Were Closed?
The four Macy’s stores that closed their doors to customers after January are as follows:
- Baldwin Hills Crenshaw Plaza, 4005 Crenshaw Blvd., Los Angeles, California.
- Foothills Mall, 215 E Foothills Pkwy, Fort Collins, Colorado.
- Lakeforest Mall, 701 Russell Ave., Gaithersburg, Maryland.
- Windward Center, 46-056 Kamehameha Hwy., Kaneohe, Hawaii.
Speaking to the press about the company’s vision and the store closures, Jeff Gennette, the Chief Executive Officer, stated:
“We are undergoing significant structural changes within the organization to reduce costs, foster closer collaboration among teams, and eliminate redundant work.”
The CEO elaborated, saying: “The changes we are doing are significant and have an impact on every element of our organization, but they are essential. We will come out of this change stronger, more adaptable, and better suited to compete in the retail environment of today, I am confident in that.
How Has It Affected the Consumers?
What does the closure of Macy’s stores mean for customers? As the four stores in malls across California, Colorado, Maryland, and Hawaii closed their doors by the end of January, customers in these regions may need to seek alternatives to Macy’s or consider shopping through online retailers like Amazon.
Although Macy’s has no plans to go out of business entirely, it has been gradually shutting down underperforming stores since 2020. The growth strategy implemented in 2020 targeted the closure of over 125 stores in the coming years.
How Many Functional Macy’s Stores Are There Currently?
The New York-based department store company currently operates more than 499 stores nationwide. During the previous fall season, the company opened three new stores in Missouri, Georgia, and Illinois. Additionally, plans are underway to open new stores in various locations. Macy’s has been actively reducing the number of unproductive stores while investing in the expansion and enhancement of stores exhibiting promising growth.
Despite facing financial challenges in recent years, Macy’s is steadily recovering and expanding its operations across the country. While your nearest Macy’s store may be temporarily closed, the company aims to provide alternative shopping options nearby to meet your needs.