“While making the decision to close stores is difficult, we know it is necessary for us to remain competitive as customer shopping patterns continue to change,” Terry J. Lundgren, Macy’s, Inc. chairman and CEO, said in a release.
“Physical stores remain absolutely vital to our omni-channel strategy, which provides local touchpoints and tailored merchandise assortments for shoppers in nearly every major market. As new shopping centers are opened, however, many customers change their shopping habits and often the sales volume of a store gets divided among the new and nearby, existing centers,” Lundgren said.
“Each year, we prune some stores that are our weakest performers so that we can concentrate our resources on the best locations and maintain a strong physical presence. At the same time, we open a small number of new stores to fill gaps in our market coverage or where we have outstanding real estate opportunities.”
Macy’s, Inc. today operates 770 Macy’s stores. Over the past five years (2010 through 2015 to date), 52 Macy’s stores have been closed and 12 new Macy’s stores have been opened.