Cincinnati — Cincinnati-based Macy’s Inc. (NYSE: M) has announced that the company plans to close approximately 100 stores beginning in early 2017.
This number constitutes roughly 15 percent of Macy’s current portfolio of 675 full-line stores. Specifics on the locations set to close will be announced at a later date.
Macy’s intends to improve ongoing stores by adding new vendor shops and bringing new businesses onto the sales floors through additional license agreements; increasing the size and quality of staffing through programs including “My Stylist” personal shopping services; infusing new technology; and creating new in-store events and experiences.
The company also intends to invest in building the capacity of its websites and apps to create a faster, simpler interface for customers. Over the past six years, approximately 90 Macy’s stores have been closed and 13 new stores have been opened.