'Retail today has been disrupted. And while that disruption creates challenges, it also holds opportunity,' said Macy's CEO Jeff Gennette.
Macy's has not disclosed which stores will be shut down in future rounds of closures in the three-year window.
“We continue to believe that the best malls in the country will thrive. However, we also know that Macy's and Bloomingdale's have high potential off-mall and in smaller formats,” Gennette said Wednesday. “We are monitoring the competition and both store and mall performance closely, and we will adjust our timeline that needed.”
Among the new, smaller stores, Gennette said the company plans to look at opening several freestanding Backstage off-price outlet stores, testing Backstage online sales, and continuing the expansion of Bloomingdale's outlet stores. Also expanding: the Backstage store-within-a-store concept.
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