On Thursday Macy’s announced plans to close about 15% of its department stores, the latest effort to adapt to shifting consumer preferences for online shopping. However Macy’s did not disclose which stores it will close, but said most of them will close in early 2017.
The move comes as Macy’s revealed its second-quarter sales fell less than feared. According to Macy’s its new strategy is to concentrate its financial firepower and talent on the best-performing locations.
The department store plans to invest in strong stores by adding new vendor shops, increasing the size and quality of staff and investing in new technology. Macy’s CEO Terry Lundgren said in a statement “We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage.”
Most of the stores Macy’s is pulling the plug on have suffered a steady decline in sales and profitability. The goal is to offset the loss in profit by cutting costs beyond just closing stores.
Macy’s said in regards to employees at stores slated for closure may be offered positions in nearby stores “where possible.” Those laid off will be offered severance benefits.
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