Amid the rise of Amazon and other online shopping platforms, the retail scene has been forced to make various adjustments. While many consumers love going to malls, trying on clothes, and being hands-on, others are more than happy to shop from the comfort of their own homes.
One natural consequences of online shopping’s popularity has been a reduction in the volume of certain retail stores.
Many people sounded the alarm about this, warning that closing down various stores would mean eliminating a portion of available jobs. However, without the necessary demand, employers won’t have the funds to pay folks working in these locations.
Just yesterday, Macy’s announced that it’s joining the list of retailers shutting down certain locations.
Here’s what’s going on with Macy’s
Between now and the end of 2026, the clothing company will shutter 150 stores that it deems to be “underproductive.” This comes as Macy’s sustained drops in both net sales and digital sales last year.
In 2024 and beyond, the company wants to not only increase profits, but also capitalize on its various luxury brands. This means opening more Bluemercury and Bloomingdale’s locations over the next three years.
