Macy's announced the closure of its iconic Center City store in Philadelphia, part of a larger plan to shutter underperforming locations and focus resources on remaining stores.
The iconic Macy's store in Center City is set to close its doors in the coming months, Macy's confirmed in a press release issued Tuesday. City officials made the announcement of the closure during a Thursday afternoon press conference. The future of the store, located in the historic Wanamaker building, has been in question for some time as the company announced last year that it would shutter roughly 150 of its underperforming stores over the next several years.
This past fall, Councilmember Curtis Jones Jr. questioned whether Macy’s was giving up its lease, saying he first heard about a potential closure late in 2023 after a store security guard was fatally stabbed on the job. The Philadelphia closure was one of a total of 66 announced by Macy's on Thursday. The location in the Exton Square Mall was also listed among the closing stores. Macy’s has said the closures would allow them to focus their resources on their remaining locations. The company had planned to close about 65 locations in 2024. The closure of underperforming stores was part of a strategy Macy's dubbed a ‘Bold New Chapter’ they unveiled in February. That strategy was also expected to include the revamping of 50 key stores. By the time all planned closures are complete, Macy's says they will be down to 350 stores. They also previously said they would add about 45 Bloomingdales and Bluemercury locations, as both brands had shown growth in sales.During the press conference, officials were quick to point out the closure of the Center City store was not a Philadelphia issue, as they pointed out the closure of various locations, in all commercial quadrants, spoke to a larger plan Macy's had for revitalization.Each official spoke to the idea of a re-imagining of Market East and an opportunity to expand on previous growth in the area. They did not have a specific timetable for new plans
Macy's Store Closure Philadelphia Retail Economic Restructuring
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