"Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy's stores to allow us to focus our resources and prioritize investments in our go-forward stores," said Tony Spring, chairman and chief executive officer of Macy's, Inc., in the statement. This reflects a strategic pivot towards optimizing operations.
"A Macy's location at the Kingston Collection shopping center is closing this year along with 65 other Macy's stores in the U.S., the company revealed Thursday." This highlights the expansive scale of the closures as part of a broader strategy.
Macy's plans to close around 150 unproductive stores within three years and invest in 350 'go-forward' stores. This indicates a significant restructuring aimed at improving overall performance and sustainability.
Also a part of the Bold New Chapter strategy, Macy's has invested in pilot stores that it said boosted sales in the last three quarters and increased customer satisfaction, according to the statement.
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