(LibertySociety.com) – The digital age has changed the way consumers shop, which has led to the closure of many retail outlets. Some have adapted to the changes, while others have lagged. The pandemic exacerbated the shift, and there is currently no sign of going back to the way things used to be.
However, some major retailers still believe that in-person shopping will make a comeback. Some have adjusted their business models to provide a more personalized and futuristic experience for shoppers, which is the goal of Macy’s, Inc.
The retail giant announced on February 27 that it would close 150 “underproductive locations” over the next two years. Labeling the changes as “A Bold New Chapter” for the company, the goal is to modernize shopping. Fifty of the locations will close by the end of the current fiscal year. In a press release, Macy’s outlined three priorities that will realign the company’s team. Releasing a fresh assortment of products that are relevant and valuable to consumers, customer convenience during in-person and online shopping, and investing in the stores that remain open are included in the first listed priority. In addition, Macy’s will expand its smaller stores.
Growing its luxury market is the second listed priority. The press release notes that Macy’s, Inc.’s Bloomingdales and Bluemercury have outperformed in the luxury market, both online and in stores. The company intends to remodel and open new locations within three years for both Bloomingdales and Bluemercury. The third listed strategy is to create a simpler and more modern process for end-to-end operations, which the company believes will meet demands and improve efficiency to provide better service to customers.
NBC asked for details about the locations Macy’s plans to close, but the company would not divulge that information. However, the New York Times wrote that a quarter of the physical space that will close only accounts for 10 percent of the company’s sales.
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