In an effort to address falling sales, Macy’s has announced plans to shut down 150 stores within the next three years. This move is part of the company’s determination to embark on a “bold new chapter” and challenge the current state of affairs. The goal is to fundamentally reposition the company, improve the customer experience, drive growth, and unlock shareholder value. This announcement was made on Tuesday and can be found on the company’s official website.

As part of its recent undertaking, the corporation plans to close around 50 of its “underperforming” establishments before the conclusion of the current fiscal year. However, the specific locations have not been disclosed.

Future plans for the company involve broadening its range of compact retail stores, which are approximately 20% of the size of its regular department stores, as well as renovating the 350 existing locations that will remain operational across the country.

The corporation is also aiming to increase its presence in the high-end market, noting that its upscale labels, namely Bloomingdale’s and Bluemercury, have been surpassing its other holdings in performance.

In the next three years, Macy’s announced plans to open approximately 12 additional Bloomingdale’s stores and around 30 Bluemercury stores in both new and established markets.

In recent years, the big department store has implemented a number of significant alterations in order to reduce expenses while also facing fierce competition from e-commerce competitors.

Macy’s has recently announced a reduction of 3.5% in its overall workforce, which amounts to approximately 2,350 employees, in addition to the already existing trend of store closures across the country. This was declared in January.

According to the CEO Tony Spring, who took over from Jeff Gennette earlier this month, the company is taking the required steps to revitalize connections with our customers. These steps involve enhancing their shopping experiences, offering relevant assortments, and providing attractive value propositions.

Based on a report by the Associated Press, Macy’s experienced a decrease in sales to $8.12 billion, which is approximately a 2% drop compared to the previous year. However, this figure still exceeded the anticipated $8.09 billion by industry experts.