Macy’s studies new store models to survive e-commerce competition. In recent days, the symbol of American shopping has announced the closure of 125 stores in the next three years. 29 of these will be decommissioned already this year. The staff cuts concern 2 thousand people (about 10% of total employees), the Cincinnati headquarters will be closed and the Macy’s headquarters will move to New York, in Herald Square. Macy’s goal is to ‘save’ 1.4 billion euros by 2022. The closures mostly concern spaces inside malls, in states and cities not strategic from the point of view of tourist view. On the other hand, new openings are planned for the off-price signs of Macy’s, Backstage and Bloomingdale’s The Outlet. Macy’s growth strategy now focuses on upgrading the stores that remain in the portfolio, with targeted marketing strategies and investments in technology. The group will also launch a new sales format, Market by Macy’s, which includes smaller stores and out of shopping centers. The company would be evaluating the number of warehouses needed in each country to supply its physical stores and, separately, for online sales.
