Macy's announced it will close 66 stores this year as part of a plan to shut 150 locations by 2026, amid declining sales and competition.
CEO Tony Spring stated that the store closures are necessary to focus resources on better-performing locations where customer response has been positive, reflecting a strategic shift.
The department store chain's share price has fallen over 50% in the last decade, underscoring challenges faced by traditional retailers amid rising online competition.
Macy's aims to enhance its online shopping experience and modernize its merchandising, aligning with trends as consumer preferences shift towards convenience and lower prices.
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