In another signal of a changing landscape for American retailers, Macy's announced a massive restructuring that would involve shuttering 125 department stores, cutting 2,000 jobs and closing three corporate offices.
6 min readThe retailer is closing less-profitable stores as part of a new strategy to compete in the e-commerce space.In another signal of a changing landscape for American retailers, Macy's announced a massive restructuring that would involve shuttering 125 department stores, cutting 2,000 jobs and closing three corporate offices.
As part of the revamped strategy, the retailer said it hopes to focus on digital growth and its website.The company, which currently operates 680 stores, will close 125 of its"least productive stores" over the next three years. It will also open smaller Market by Macy's stores, specifically not in malls, that will feature"merchandise and local goods, as well as local food and beverage options and a robust community events calendar.
"This is a blood bath, and Macy's, in particular, I think you're going to see them lose another third if not two-thirds of their stores," Schiffer said."There is a lot more pain to come and more eroding in traditional retail." Stacey Widlitz, president of SW Retail Advisors, said the Macy's restructuring announcement wasn't a surprise.
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