What: Macy’s continues to streamline by closing 45 stores in 2021, after 29 in 2020.

Why it is important: US department stores are waking up: big is not always beautiful when not profitable.

Within the 3 years strategic plan, Macy’s is planning to close 45 stores this year, out of 540 stores at the end of 2020 (after having closed 29 stores the same year). The locations will be disclosed later in Q1 and is part of an overall plan of closing 125 stores in order to focus on e-commerce and m-commerce. The goal of this plan is to save USD 1.5 bn over the next 3 years, after an overall saving of USD 600 m in 2020.

Macy's closing 45 more stores in 2021 as part of its restructuring