Macy's plans to shutter 125 of its stores over the next three years, with 30 set to close in 2020, The Wall Street Journal reports.
The company will also cut 2,000 corporate jobs. "Our goal is to reclaim and revitalize what a department store should be," Macy's CEO Jeff Gennette told the Journal. "Department stores are still vital if they are done right. There is viability to having many categories and brands under one roof." Competition is fierce in the retail world, with Macy's having to face successful online rivals like Amazon and discount stores like Marshalls.
About 400 Macy's locations will remain open, and the company plans on launching new stores called The Market by Macy's. These will be smaller — about one-tenth the size of a typical Macy's — and in shopping centers rather than malls, the Journal reports. The company expects to open four or five The Market by Macy's locations by the end of the year, Gennette said.
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