Macy’s Inc., will close about 45 stores in 2021 as part of its three-year plan to lower store count and focus on more productive outlets, according to Reuters. The company closed about 30 stores last year as it seeks to concentrate operations in desirable and well-trafficked A and B malls.
- Macy’s announced a plan to close up to 125 of its least productive stores last year to tackle plummeting mall traffic.
- The COVID-9 outbreak has worsened Macy’s woes, and other mall-based chains have been forced to shut down, reduce store locations, or turn to online business.
- Macy’s, which operates over 750 shops, said it would post a list of stores expected to be closed this year on its website on Wednesday.
Macy’s stock is currently gaining. M: NYSE is up 0.088% on premarket.