“Macy’s is closing 150 stores”

“…First, Macy’s will have to downsize. The company is closing 150 underperforming stores — 50 by the end of 2024 and the other 100 over the next few years. By 2026, it will have just 350 Macy’s stores, the company announced…

As the middle class has shrunk in recent decades, the retail market has split: Lower-end stores focused on cost-savings, such as Walmart, have done particularly well. But so have luxury brands, as shoppers with means have been able to keep up their spending, despite higher prices.

So Macy’s is chasing wealthier shoppers with luxury brands such as Bloomingdale’s and Bluemercury, and it’s pulling back on some of its full-scale department stores that cater primarily to more middle-class customers…”

https://www.cnn.com/2024/02/27/investing/macys-closing-150-stores/index.html

Macy’s needs to do something. They haven’t been doing well for a while now. The switch to luxury seems like a good idea for them honestly. Will it work? I don’t know but their current plan isn’t working that’s for sure.