Valley business consultant says Macy’s plan to close 150 stores is long overdue

Feb 28, 2024, 9:00 AM

A man is seen walking into a Macy's store that has closing signs in the windows...

Macy's announced plans to close 150 stores in the next three years on Feb. 27, 2024. (Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

PHOENIX – A Valley business consultant said she wasn’t surprised when Macy’s announced plans Tuesday to close 150 underperforming department stores over the next three years.

“Macy’s has been a trainwreck for a very, very long time — like that patient has been on life support. It’s in like a retail hospice,” Kristin Bentz, president of Scottsdale-based KB Advisory Group, told KTAR News 92.3 FM’s The Mike Broomhead Show.

After posting a fourth-quarter loss and declining sales, Macy’s said 50 of its namesake stores will shut down by the end of the fiscal year.

The company said it aims to upgrade its remaining 350 stores, with additional salespeople in fitting areas and shoe departments and more visual displays.

At the same time, Macy’s signaled a pivot to luxury, which has fared better overall. It said it would open 15 of its higher end Bloomingdale’s stores and 30 of its luxury Bluemercury cosmetics locations.

Will Macy’s be closing stores in the Phoenix area?

The company didn’t identify which locations were on the chopping block but said the stores set to close account for 25% of its overall square footage but less than 10% of sales.

The venerable retailer operates seven Macy’s department stores in Arizona, including six across metro Phoenix.

“If you’ve been to a Macy’s locally in the Valley, it’s like ‘The Land That Time Forgot,’” Bentz said. “You can’t find someone at the register. If they’re there, they’ve probably been there for 40 years.

“They may have great products, but the way they merchandise them, it’s frightening. This is a correction that is long overdue.”

The Associated Press contributed to this report.

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Valley business consultant says Macy’s plan to close 150 stores is long overdue