The American department store chain Macy’s has confirmed the imminent closure of 66 of its stores, which is a decisive step in its strategic review.

These closures are integral to the retailer’s “Bold New Chapter” strategy, unveiled in February 2024, which aims to steer the company on a sustainable and profitable growth path.

The plan outlines the closing of roughly 150 underperforming locations over three years, while ramping up investments in a core set of 350 “high-end” Macy’s stores through fiscal 2026.

Macy’s President and CEO Tony Spring said, “Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underperforming Macy’s stores to allow us to focus our resources and prioritizing investments in our advanced stores, where customers are already responding positively to better product offerings and elevated service.”

Since the launch of the Bold New Chapter strategy, investments directed at the pilot group of stores, known as the “First 50”, have stimulated sales growth for three consecutive quarters.

These improvements have also been reflected in record customer satisfaction scores for the Macy’s brand.

By 2025, the retailer is poised to strengthen its retail presence with an enhanced store portfolio and is committed to extending these upgraded shopping experiences to more locations across the country and across its digital platforms.

In an effort to reimagine the consumer journey both physically and digitally, Macy’s has made it easier for customers to find information about cutting-edge local stores through an updated Customer FAQ and Store Locator tool on its website.

This confirmation follows the December 2024 announcement that Macy’s would accelerate its store closing strategy by planning to cease operations at 65 locations within a year, up from the previously planned range of 50 to 55 stores.

In the third quarter of fiscal 2024, Macy’s reported a 2.4% drop in net salesbringing in $4.74 billion compared to $4.86 billion in the same period last year.

“Macy’s confirms closing 66 stores under revitalization plan” was originally created and published by Retail Insight Networka trademark owned by GlobalData.

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