What: Macy’s continues with its Polaris rationalization plan initiated in 2020.

Why it is important: It is not about closing down stores but transitioning to a new, smaller, off-mall format. For that reason it is less about downsizing and more about rightsizing.

Macy’s, according to its 2020 Polaris plan and its announcements earlier in November, is closing 4 locations in January, in California, Colorado, Hawaii and Maryland. This is part of a strategy to close 125 stores between 2020 and 2023 in lower-tier malls, and trim 9% of the workforce.

In parallel, the group continues with its off-mall strategy, through the Market by Macy’s concept (8 stores so far including 4 opened in 2022), Bloomie’s with a third location in Seattle this year, and 300 Macy’s Backstage off-price locations, including 42 opened in 2022.

Macy’s closes down 4 locations