Macy's accelerates store closures this year

Core Viewpoint - Macy's is accelerating its store closures as part of a comprehensive strategy to revive its struggling business, now expecting to close about 65 locations this year, up from a previous forecast of 50 [1][2]. Group 1: Store Closures and Strategy - The closures will occur post-holiday, and the company remains on track to close a total of 150 locations over three years as part of its "Bold New Chapter" strategy announced in February [2]. - The closures are focused on underperforming stores where the economics are unfavorable and customer traffic has shifted away [4][5]. - The company plans to reduce its store count to approximately 350 once all closures are implemented, while also adding about 45 Bloomingdale's and Bluemercury locations, which have shown sales growth [6]. Group 2: Store Revamping and Performance - Part of the strategy includes revamping 50 key stores, which are intended to serve as prototypes for future Macy's locations, with sales at these upgraded stores rising by 1.9% during the third quarter [7]. - The company plans to open nine new stores and remodel two additional stores in the fourth quarter [8]. Group 3: Investor Sentiment - Activist investor Barington Capital Group has expressed optimism regarding the new plan, highlighting the potential for a healthier store base that could lead to consistent revenue growth and profit improvements [9].