Macy's to Shutter 150 Stores by 2026, Raising Concerns About Its Future as Rivals Expand
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Macy's is closing 150 stores by 2026, reducing its footprint to just 350 locations. This raises questions about its future competitiveness.
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The store closures put over $2 billion in sales up for grabs, likely benefiting off-price retailers like TJX Companies.
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With a shrinking store base, Macy's is ceding significant market share to rivals like Target and Kohl's which have much larger footprints.
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Brands that sell products in Macy's stores will likely see sales pressure as a result of the closures.
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Macy's new CEO discussed the store closure strategy and other topics in an interview, indicating these moves are part of a broader turnaround plan.