In America, shopping malls are still a thing, but some have not made it to 2024.
Within those shopping malls, exists the “anchor stores,” the four or so large department stores that are on the ends of each long pathway of the inside of the mall.
One of those stores has had a legendary presence in America since the 1800s. Macy’s, known for being one of the largest retail chains in America, is downsizing.
Why is Macy’s Closing Stores?
In 2024, Macy’s will shut down a total of 50 stores across America. It has an even broader plan to shut down 150 underperforming stores across America.
After years of sluggish sales performance, Macy’s is planning drastic cuts to its store fleet in order to concentrate on better-performing locations.
According to Macy’s CEO, Tony Spring, Macy’s has “too many locations that were built for a different era,” adding that the company has “no choice” but to close stores if it wants to thrive and not just survive.
Even with malls closing and Macy’s stores ramping down it’s locations, the brand is so iconic, that it believes it will not only be able to survive this new era of shopping, but thrive in it.
The Macy’s brand remains highly recognized across America. Spring spoke about how the retailer is part of key moments in people’s lives, like buying a prom dress or suit or building a wedding registry.
Let’s not forget the Macy’s Thanksgiving Day Parade, which happens each Thanksgiving day in New York City.
With it’s brand recognition, and it’s consumer loyalty, Macy’s hopes that if they just trim the fat, per say, and get rid of some of their underperforming stores, they will make it another 100 plus years, moving forward.
Evan Paul is the host of Taste of Country Nights, a syndicated radio show heard on more than 130 country radio stations nationwide, every night from 7PM to midnight. He plays the best new country music and interviews today’s top stars, like Luke Combs, Morgan Wallen, Kenny Chesney, Miranda Lambert, Dan + Shay, Keith Urban, Carrie Underwood, Luke Bryan, Chris Stapleton, Lady A, + more!
