Credit: Tom Suffield/LevittownNow.com
The future of Macy's at Oxford Valley Mall and hundreds of other stores remained uncertain as of Tuesday.
The popular retailer has announced that it plans to close nearly 150 stores nationwide as part of a massive reorganization that will see a greater focus on luxury items.
The company said it plans to close “non-production” sites, but has not published a list of sites that will be closed.
In 2026, Macy's will move forward with a smaller footprint of 350 eponymous locations and dozens of Bloomingdale's and Bluemercury locations. Company officials said the changes will create a “more efficient operating model.”
Macy's and J.C. Penney are currently the only stores remaining in the Oxford Valley Mall following the closing of Sears in 2018 and the demolition of Boscov's, which is being replaced by more than 600 upscale apartments.
The restructuring comes as traditional mall retailers, including Macy's, face increasing competition from online shopping platforms. The challenge has intensified since the emergence of the Covid-19 pandemic.
Credit: Tom Suffield/LevittownNow.com
Highlighting its focus on luxury retail, Macy's plans to expand its Bloomingdale's and Bluemercury brands, with approximately 15 new Bloomingdale's stores and at least 30 new Bluemercury locations scheduled to open. The expansion will also include approximately 30 new models for existing Bluemercury stores over the next three years.
According to Macy's, the Bloomingdale's and Bluemercury brands were “outperforming” in its portfolio.
“We are taking steps to reinvigorate relationships with our customers through enhanced shopping experiences, relevant assortments and compelling value,” said Tony Spring, CEO of Macy's.
Despite facing a 5.5 percent decline in net sales in 2023 to $23.1 billion from the previous year and anticipating a smaller sales decline for the current fiscal year, Macy's remains optimistic about its pivot.
The retailer recently rejected a takeover bid on the grounds that the takeover offer undervalues the company.
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