{"id":1540,"date":"2024-02-28T00:06:17","date_gmt":"2024-02-28T00:06:17","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/02\/28\/macys-is-closing-150-stores-nationwide-as-it-seeks-bold-new-chapter-with-greater-focus-on-luxury\/"},"modified":"2024-02-28T00:06:17","modified_gmt":"2024-02-28T00:06:17","slug":"macys-is-closing-150-stores-nationwide-as-it-seeks-bold-new-chapter-with-greater-focus-on-luxury","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/02\/28\/macys-is-closing-150-stores-nationwide-as-it-seeks-bold-new-chapter-with-greater-focus-on-luxury\/","title":{"rendered":"Macy\u2019s is closing 150 stores nationwide as it seeks \u2018bold new chapter\u2019 with greater focus on luxury"},"content":{"rendered":"<div>\n<p class=\"\">Macy\u2019s plans to close approximately 150 stores nationwide as part of a massive reorganization that will see it pivot to a greater focus on luxury sales. <\/p>\n<p class=\"\">The retailer on Tuesday announced an initiative it\u2019s calling a \u2018bold new chapter\u2019 that will involve shuttering \u2018underproductive\u2019 locations, including approximately 50 by the end of the company\u2019s current fiscal year.<\/p>\n<div><\/div>\n<p class=\"\">In an email, a Macy\u2019s spokesperson declined to comment about which specific stores are closing. In a statement obtained by NBC on Tuesday, San Francisco Mayor London Breed said she had learned that Macy\u2019s 400,000 square-foot flagship location in the city\u2019s Union Square will eventually be part of the closures, though not in the initial round of 50.     <\/p>\n<p class=\"\">The closures will leave approximately 350 Macy\u2019s locations, as well as Bloomingdale\u2019s and Bluemercury beauty and skincare stores.<\/p>\n<p class=\"\">The company sees those latter brands as its future: It said it plans to take advantage of its leadership position in the luxury market, where it said Bloomingdale\u2019s and Bluemercury have been \u2018outperformers\u2019 within the Macy\u2019s portfolio.<\/p>\n<p class=\"\">The company plans to build out 15 new Bloomingdale\u2019s stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels, over the next three years. <\/p>\n<p class=\"\">\u201cWe are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,\u201d CEO Tony Spring said in a news release. <\/p>\n<p class=\"\">Macy\u2019s has been under pressure from investor activists seeking an outright sale of the company due to its decadelong underperformance, with Macy\u2019s real estate considered its most valuable asset. <\/p>\n<p class=\"\">However, Macy\u2019s recently rejected a takeover offer, saying it undervalued the firm.  <\/p>\n<p class=\"endmark\">Wall Street\u2019s immediate reaction to Tuesday\u2019s announcement was negative, with shares trading more than 2% lower in premarket action.<\/p>\n<\/p>\n<div>This post appeared first on NBC NEWS<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Macy\u2019s plans to close approximately 150 stores nationwide as part of a massive reorganization that will see it pivot to a greater focus on luxury sales. The retailer on Tuesday announced an initiative it\u2019s calling a \u2018bold new chapter\u2019 that will involve shuttering \u2018underproductive\u2019 locations, including approximately 50 by the end of the company\u2019s current [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":1541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/1540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=1540"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/1540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/1541"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=1540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=1540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=1540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}