The retail giant Macy's is shutting down 10 stores in New York and New Jersey this year, calling it a turnaround strategy.
NEW YORK — The retail giant Macy's is shutting down 10 stores in New York and New Jersey this year, calling it a turnaround strategy.Macy's released a list of 66 stores expected to close during the first quarter of 2025.
Which Macy's stores are closing in New York?Nine of those stores are located in New York, including:Lake Success in New Hyde Park,Melville Mall in Huntington,Queens Place in Elmhurst,Sheepshead Bay in Brooklyn,Mall at Greece Ridge in Rochester,Sunrise Mall in Massapequa,the Fulton Street location in Brooklyn,Staten Island Furniture on Richmond Hill Road,and Fordham Place in the Bronx.The Macy's location at the Essex Green Shopping Center in Orange, New Jersey is also on the list.Macy's said it's shuttering stores that are 'underproductive.'New York shoppers upset by Macy's closuresThe new plan is upsetting some local shoppers.'Very sad, I love Macy's,' Queens resident Maryann Lattanzin said.'I used to work for Macy's, and that was, like, the best job I ever had,' Queens resident Amanda Williams said.'I'm going to miss it,' Queens resident Diane Daly said. 'I just like their selection of merchandise.'Since the Macy's Backstage in the Lake Success shopping center in Nassau County is on the chopping block, shoppers there are worried it could mean more vacant storefronts.'It's getting tougher and tougher to run a business today ... It's a big store. What's going to take it over?' Garden City resident James Karamisios said.Expert says Macy's needs to rebrandExperts say big box stores have been struggling post-pandemic, with fewer shoppers visiting malls and more Americans buying online.These closures come after Macy's stock dropped roughly 20% over the past year, according to experts.In a statement, the Macy's chairman said the closures will allow the company to '...focus our resources and prioritize investments in our go-forward stores, where customers are already responding positively to better product offerings and elevated service.'But some experts say this is no turnaround strategy.'They're removing the stores that are losing money. The ones they have are just not losing as much money,' business expert Carl Gould said.Gould says Macy's needs to rebrand and fast.'Reimagine their shopping experience. Macy's as a department store, in that format, is dead,' he said.According to data from research firm Coresight, 45 retailers filed for bankruptcy in 2024, compared with 25 retail bankruptcies the year before.
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