Macy’s to Close Another 97 Stores in Next Three Years
Another retail giant with a Sioux Falls presence is shutting down a number of stores nationwide.
Macy’s announced Tuesday (February 4) that it will close roughly 125 of its least productive stores, a fifth of its locations, over the next three years. The fate of the Sioux Falls store at the Empire Mall is unknown at this point.
In press release, the company said the closures will save $1.5 billion by the end of 2022.
In addition to reducing the number of stores, Macy's also says it will consolidate all of its corporate operations into the New York City headquarters, closing its San Francisco office. The company will be also shut down offices in Cincinnati and Lorain, Ohio and a Tempe, Arizona customer contact center.
The store and office closures will impact 2,000 current employees.
The chain also rolled out a new business strategy that will focus on stronger customer relationships, higher-quality fashion, more digital growth, and updated store layouts.
Those new store designs, called Market by Macy’s, will feature smaller locations selling a mix of Macy’s merchandise and local goods, as well as local food and beverages.