Macy’s has announced plans to close 100 outlets by next year, which represents approximately 10% of its total store count.
The closures are being made to offset years of dipping sales and profits.
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During the last fiscal year, Macy's closed 41 stores in the US.
Macy’s president Jeffrey Gennette was quoted by New York Times Service as saying, “We believe that this reduction of 100 locations in the short term will result in a more appropriate store portfolio for Macy’s in the longer term."
Gennette will succeed Terry J Lundgren as chief executive next year.
Currently operates 728 stores, Macy’s has been under pressure from investors to sell a number of its outlets as it failed to attract shoppers to its physical stores.
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By GlobalDataIn annual sales, the 100 outlets generated roughly $1bn; however, some of these outlets carry more value in terms of real estate than for their retail sales.
