Nearly a year ago, Macy’s (NYSE: M) announced that it would close approximately 125 less-productive stores within three years. The goal was to amplify the company’s focus on its best stores and its fast-growing e-commerce business. Macy’s only closed about 30 stores in the first half of its 2020 fiscal year, though.
On Wednesday, the department store operator unveiled the next step in its multiyear downsizing strategy. Let’s take a look at where and why Macy’s is closing stores now.