Is Macy’s Too Macy’s to Save Macy’s?
The tired department store is shrinking its footprint and overhauling its strategy. Its rivals are ahead on both fronts.
Macy’s is trying to save the department store, but its latest overhaul may be too late and not enough.
Photographer: Ron Antonelli/BloombergWith the traditional department store in its death throes, Macy’s Inc. is doing its best to keep the concept alive.
The struggling retailer late Tuesday unveiled a strategic blueprint to defend its business against the twin threats of online and discount competitors. The centerpiece is closing 125 of its department stores — almost a quarter of the total — over the next three years, including some 30 locations it previously targeted for shuttering last month. These are the so-called “neighborhood stores,” leftovers that Macy’s was reluctant to close sooner. It should have, but at least it’s getting to grips with it now.