Macy's closing 150 stores nationwide; unclear which Detroit area stores will close
DETROIT - Macy's says it will close 150 stores nationwide in the next two years. The details of the announcement came early Tuesday morning in an earnings call with investors.
The company has not said which locations will close. In Michigan, there are 14 across the entire state with half of them in the Detroit Metro area.
Macy's is the largest department store chain in the nation.
It owns not just 350 Macy's stores, but it is also the parent company of Bloomingdale's and the cosmetic store, Bluemercury.
Macy's and Bloomingdale's sales during the 2023 holiday shopping season were down compared to a year before.
A new CEO, Tony Spring, took over the company last year and investors had threatened to take the company private if it didn't turn things around.
On the earnings call, Spring said he had identified 150 stores that the company is calling "non-go-forward" locations, which are not that profitable.
It is the second major downsizing of the Macy’s chain since 2020 and will leave the company with 350 stores, slightly more than half the number it had before the pandemic.
Those Macy's store losses will be Bloomingdale's gains.
Spring said that while they will close 50 Macy's stories this year, and another 100 by 2026, he plans to open 15 new Bloomingdale's stores and 30 new Bluemercury stores.
He said that's a sign the company wants to shift its focus towards higher-end luxury brands, and the skin care cosmetics market.
PARAMUS, NJ - NOVEMBER 4: A Macys corporate logo hangs above the front door of their store in the Garden State Plaza Mall on November 4, 2023, in Paramus, New Jersey (Photo by Gary Hershorn/Getty Images)