Macy’s is downsizing. The legacy retail company announced plans to close 150 stores over the next several years to focus on its more successful stores and ventures. According to reports, the department store chain has not disclosed exact locations that will close.
Ray Wimer
is a professor of retail practice in ϲ’s Martin J. Whitman School of Management. He leads courses on retail, buying and planning, marketing, sales, and business foundations.
Professor Wimer provides written comments below that can be quoted directly and he is available for interviews.
Wimer says:
“Macy’s recent news of store closings and revamping existing stores while expanding their luxury brands is their latest strategy to turn their fortunes around. Macy’s needs to elevate their in-store experience and focus on their own private label brands to really move the needle for them. If they can instill confidence in their private label brands that they offer superiority or differentiation to what is in the marketplace and in enhance the customer experience in store it could work. Their focus seems to be opening more Bloomingdale’s and trying to capture the luxury market which is experiencing its own difficulties at this time.”
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Shelley Kohan
is a retail industry instructor with ϲ’s Martin J. Whitman School of Management. She is a highly accomplished and driven senior retail executive and consultant with more than 25 years of success in the retail industry.
Professor Kohan also provides comments below and is also available for interviews.
Kohan says:
“Macy’s announcement to close 150 stores is based on its strategy to focus on long-term profits. The goal is to open more Bloomingdale’s stores, Blue Mercury stores, and its small-format neighborhood Macy’s stores. Macy’s sales were down 5.5% in 2023 compared to 2022.
To request interviews or get more information:
Daryl Lovell
Associate Director of Media Relations
Division of Communications
M315.380.0206
dalovell@syr.edu |
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