The venerable retailer says it will prioritize higher-end stores such as Bloomingdale's and BluemercuryMacy's plans to close 150 department stores and prioritize its luxury brands as it seeks to reinvent itself amid flagging sales. The company plans to have a smaller footprint of 350 locations as it trims the "underproductive" stores, it announced Tuesday. It also expects to expand its luxury store footprint by 20 percent with 30 new Bluemercury stores and 15 stores under the Bloomingdale's umbrella, including Bloomingdale's outlets and smaller Bloomie's locations. For the Macy's branded stores, the company plans to invest more in smaller locations. The company has 12 small-format Macy's stores and has previously said it will open 30 more over the next two years.

Source: Washington Post February 28, 2024 06:14 UTC