Over the past several weeks Macy’s has made headlines after announcing the closure of 150 of its locations across the country. On Tuesday, the Macy’s communications team confirmed that the Valencia Town Center location will remain open.
“We intend to close approximately 150 Macy’s stores over the next three years. This allows us to focus our investments and resources on Macy’s go-forward locations including full line, furniture and current off-mall locations and Bloomie’s, Bloomingdale’s The Outlet and Bluemercury stores,” wrote a Macy’s communications representative in an email to the Signal. “We look forward to continuing to serve our customers at Macy’s Valencia Town Center.”
Macy’s announced in a press release in February that the closures are due to the company’s new approach to redesigning the customer experience and “top-line growth.”
Macy’s Inc. chose to close its “underproductive” locations and will prioritize investment in the remaining 350 locations, stated the press release.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” Tony Spring, chief executive officer of Macy’s Inc. said in the press release.
Beginning in 2025, Macy’s aims to “successfully drive sustainable, profitable growth and create shareholder value” through “low-single-digit annual comparable ‘Owned + Licensed + Marketplace’ sales growth, annual (selling, general and administrative expenses) dollar growth below the historic rate of inflation of 2%-3%, free cash flow to return to pre-pandemic levels,” among other financial outcomes, according to the press release.
