​​Macy's Confirms 66 Store Closures As Part Of ‘Bold New Chapter’ Strategy: Retail Mood Slides

Department store Macy’s Inc. ($M) on Thursday confirmed the closure of 66 Macy’s store locations, dampening retail sentiment.  

The store closures are part of what the company termed its “bold new chapter” strategy, aimed at returning the company to “sustainable, profitable sales growth,” the company said in a statement.

Macy’s plans to shutter about 150 “underproductive stores” over a three-year period, while investing in its 350 “go-forward” Macy’s locations through fiscal 2026, it said. 

At least nine stores in the New York region and nine in California are included in the list of closed stores, according to the statement.

Retail sentiment on Stocktwits turned ‘bearish’ from ‘bullish’ last week. Message volumes have been in the normal range.

M sentiment meter and message volumes on Jan 9 as of 8:12 pm ET

“Closing any store is never easy, but as part of our bold new chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,” Tony Spring, chairman and CEO of Macy’s, said in a statement.

Since the start of its new strategy, the company said investments in its pilot Macy’s stores - First 50 - have boosted sales for three consecutive quarters.

Going forward in 2025, the company believes it is “well-positioned” to build momentum with a stronger store fleet through more locations nationwide and through its digital channels, according to the statement.
Meanwhile, JP Morgan lowered the firm's price target to $20 from $21 with an ‘Overweight’ rating as part of retail preview ahead of next week's ICR Conference, The Fly.com reported.

According to the report, JP Morgan models up 2.8% average Q4 same-store-sales across its coverage, which was commensurate with the Q4 performance.

Macy’s stock is down 6% year-to-date. 

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