NEW YORK – Macy’s announced Tuesday that will close 150 unproductive stores over the next three years, including 50 by the end of the year, but hasn’t announced yet whether any of New Hampshire’s stores will be among those shut down.
There are four Macy’s stores in New Hampshire – Manchester, at the Mall of New Hampshire; Nashua, at the Pheasant Run Mall; Salem, at the Mall at Rockingham Park, and Newington, at the Fox Run Mall. All serve as anchor stores in major shopping malls.
The company said that the stores that will close account for less than 10% of its sales. The company’s last large-scale stores closing was in 2020-22, when it closed 125 stores as part of a three-year restructuring. No New Hampshire stores were closed at that time.
The last Macy’s to close in New Hampshire was the South River Road Bedford Macy’s, which closed in 2015 to make way for the Bedford Place retail complex. The store replaced a 30-year Jordan Marsh at that location in 1996, It was part of a 40-store closing by the company.
The latest plan is to close 50 “underperforming stores” by the end of the year, and another 100 by December 2026. The company also plans to upgrade its remaining 350 stores, open 15 new Bloomingdale’s and 30 Blue Mercury luxury cosmetics stores.
The company announced the move as part of “A Bold New Chapter,” and comes less than a month after Tony Spring took over as CEO.
The company said the new strategy has the full support of the board of directors, “balances the art and science of retail,” and is informed by comprehensive customer research.
Spring said, “A Bold New Chapter serves as a strong call to action. It challenges the status quo to create a more modern Macy’s, Inc. We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value. Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders.”
Upgrades to the stores that won’t close include adding more salespeople to fitting areas and shoe departments, as well as more visual displays.