Macy CEO Spring Says Strategy Gaining Traction but More Store Closures Are Coming

In the meantime, news outlets posted a list of stores first published by Axios that Macy’s plans to shutter.

Springs stated in the memo, “Nearly two years into our Bold New Chapter strategy, the focus of our work remains the same: strengthen our stores, simplify how we operate, and invest in the experiences that matter most to our customers. Today, that work is centered on disciplined execution and continuous improvement, with strategic investments that are guided by what customers value most.”

He maintained consumers have responded, as suggested by relatively strong performance in the company’s go-forward business consisting of stores, Macy’s plans to keep operating, as well as record Net Promoter Scores, “and improved results over the first three quarters. These signals reinforce that the Bold New Chapter is delivering measurable progress.”

Spring added the company’s Reimagine 125 stores, for which Macy’s has invested in new approaches to the shopper, and grew comparable sales 2.7% in the third quarter, demonstrating the success of the elevated merchandising, store design, and customer experience improvements implemented. Sustained strength in the company’s luxury business provides more evidence that the strategy has been effective, he asserted, with Bloomingdale’s delivering 9% comp sales growth during the third quarter, the banner’s best in 13 quarters, and Bluemercury posting its 19th consecutive quarter of comp sales growth.

Behind the scenes, Spring pointed out, Macy’s efforts to modernize the supply chain have included the opening of the company’s most advanced fulfillment facility and improved speed, reliability and flexibility in serving customers.

Still, Spring acknowledged, store closings will continue:

“In executing our strategy, we continue to review our portfolio and make careful decisions about where and how we invest, including closing underproductive stores and streamlining operations,” he said. “These decisions are not made lightly. We communicated directly with affected colleagues first and are providing support, including transfer opportunities where available, as well as severance and outplacement resources where applicable. We thank all those colleagues for their dedication and service to the company. These targeted changes allow us to focus where they will have the greatest impact, reimagining our best stores, enhancing customer service, expanding our luxury business, and advancing our supply chain capabilities.

Macy’s confirmed to HomePage News that it is currently planning to close stores in La Mesa and Tracy, CA, Atlanta, Glen Burnie, MD, Grandville, MI, Saint Cloud, MN, Newington, NH, Livingston, and Ramsey, NJ, Amherst, NY, Raleigh, NC, Tarentum, PA, Corpus Christi, TX and Tukwila, WA.