By 2026, it will have just 350 Macy’s stores, the company announced. Second, the company will focus on its successful Bloomingdale’s and Bluemercury brands — luxury stores that have outperformed the Macy’s brand. Macy’s will also build 30 smaller stores over the next two years away from malls, reflecting a trend of consumers choosing smaller stores outside of enclosed shopping malls. Smaller stores are also more profitable for Macy’s because they have fewer workers and carry less merchandise. The company said that as it closes Macy’s locations, it will open new stores for its luxury brands.

Source: CNN February 27, 2024 14:13 UTC