Last year, Macy’s announced that it was closing 150 underperforming stores by 2026 to turn around its business. Today, it announced exactly which stores would be shuttering. Included are two in Brooklyn (422 Fulton Street and 2027 Emmons Avenue); one in Queens (88-01 Queens Boulevard); one in the Bronx (404 East Fordham Road); and one in Staten Island (98 Richmond Hill Road), leaving only the flagship and a few other storefronts remaining around the city.
As the retail industry has shifted, especially in middle-of-the-road department stores, Macy’s has suffered over the past few years. To bounce back, CEO Tony Spring explained that while closing “any store is never easy,” the locations chosen were deemed “underproductive.” Last year, it planned to court wealthier shoppers with its higher-end brands, including Bloomingdale’s and Bluemercury. However, according to CNN Business, since the plan’s announcement last year, Macy’s shares have fallen about 15 percent.
The push to close stores comes from investors, who argue that the retail price of the storefront is worth more than the actual store, and that they’d be better off if they just sold everything and shut down completely.
Macy’s is only closing specific stores, though the mix is of the traditional department stores and its furniture-focused bargain spinoff, Macy’s Backstage. As for which stores are closing? There are eight Macy’s closing in Florida, nine in California, three in Georgia, four in Michigan, four in Pennsylvania, six in Texas, and three in Washington. You can see a full list of locations on CNN. Some stores have already shuttered, but for those without liquidation, sales will begin shortly.