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Macy’s, which has shut down more than 100 stores since 2015, said it will exit weaker shopping malls while changing its focus to opening smaller-format stores in strip centers called Market by Macy’s.
This new format is smaller than an average Macy’s store and will be located off-mall in lifestyle centers," said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.
"Market by Macy’s will feature a mix of curated Macy’s merchandise and local goods, as well as local food and beverage options and a robust community events calendar."
The company will open its first Market by Macy’s in Dallas on Thursday, Feb. 6.
Macy’s stock has lost more than half its value the last five years.
“We have a clear vision of where Macy’s, Inc. and our brands, Macy’s, Bloomingdale’s and Bluemercury, fit into retail today," said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams."
Specific stores that will be closed were not released, but most are expected to be in malls.
To read the Macy's announcement, click here.
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