Macy’s closing 125 stores, laying off 2,000 while also trying out new store format
In another major blow to traditional retail, Macy’s announced it will close 125 stores and lay off 2,000 employees.
The company said its lowest performing stores will shutter over the next three years.
Layoffs will result from both store closings and cuts at the corporate level.
Meanwhile, Macy’s says it will open a new format — Market by Macy’s — in strip malls.
These new stores, the first of which will open Jan. 6, 2020 in Dallas, will be smaller footprints with a “curated” selection and also offer food and beverage.
Local goods will also be for sale.
Less than a month ago, Macy’s announced it would close 29 Macy’s and Bloomingdale’s stores — adding to the over 100 it has closed since 2015.