Macy’s plans to shutter 125 department stores over the next 3 years.
a meeting with investorsThe company has lost market share in core categories like apparel, and its profits have been pressured, as fewer shoppers take trips to malls, and instead are buying onThe steps Macy's is taking are expected to generate annual gross savings of about $1.5 billion, which will be fully realized by the end of 2022. This year, Macy's expects to save roughly $600 million.
Macy's said its focus will be on growing its off-price business, known as Backstage, expanding outside of the mall and improving its online business.closing its tech offices in San FranciscoAs it also shuts its headquarters in downtown Cincinnati, and an office in Lorain, Ohio, the company said New York will become its sole corporate headquarters. It also is closing its Tempe, Arizona, customer contact center.
While it hasn't yet reported fourth-quarter and full-year earnings for 2019, Macy's shared preliminary results ahead of its investor meeting.
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