Macy is planning to shut down 125 stores over the next three years. Apart from this, Macy’s is also planning to slash 2000 jobs over the next three years. Read on to know more details about these major changes in Macy’s.
Macy’s, the luxury store chain, is making some major changes this year. The Cincinnati-based luxury store chain seems to be making these changes in order to compensate for its losses over the past year. According to a media portal’s report, Macy’s is closing 125 of its stores over the next three years. Furthermore, the luxury store giant is also planning to slash 2,000 jobs over these three years.
According to the report, Macy’s is already planning to close its Cincinnati headquarters and offices in San Francisco. The luxury store giant is also planning to exit weaker shopping malls and instead shift its focus on opening smaller-format stores in strip centres. Macy’s has already shut 100 stores since 2015.
The CEO of Macy’s, Jeff Gennette, spoke about this transition in his statement. He said that they are taking the organisation through significant structural change to lower costs, bring teams closer together, and reduce duplicative work. Gennette further added that the changes the company is making are deep and impact every area of the business, but they are necessary. Gennette concluded his statement by stating that he knows the company will come out of this transition stronger, more agile, and as a better fit to compete in today’s retail environment.
According to the media portal’s report, Macy’s is calling 2020 a 'transition year'. Macy’s has detailed its store closing to a leading media portal and had stated that it has shut its headquarters in Cincinnati and will be consolidating its operations from New York and Atlanta. Macy’s store closing losses will be compensated with the help of 50 Backstage stores within its existing department stores, along with seven freestanding Backstage locations, in 2020.