The market we know, or the one we grew up with, is gradually fading away, giving way to other stores and multinationals that are taking its place. The economic uncertainty that is sweeping through the United States is being key to dozens of retail markets closing their doors. This time it has been the turn of Macy’s, the iconic department store chain that for more than 150 years has been a reference in shopping centres across the country. But financial difficulties and changes in consumer habits have forced the company to close 150 stores in the next two years, as part of its Bold New Chapter strategy.
Why is Macy’s closing its stores?
As you may already know, the COVID-19 pandemic affected many sectors of the population, and the retail industry has not been any less. Some companies have not even been able to recover years later. The restrictions we were subjected to caused most of the population to adapt to e-commerce and completely changed the way consumers shop because it is more comfortable.
Macy’s, like many other old stores, has not been the exception. In 2023, the company reported a 5.5% drop in its net sales, accumulating 23.1 billion dollars. This fall in its finances has made the brand reconsider closing many stores in the country.
One of the most symbolic closures is that of the Macy’s store in Broadway Plaza, Los Angeles, a historic location that has been part of the city for decades. For many residents, the closure of this store represents the end of an era in traditional retail and something similar to a loss of identity for the city.
Discounts of up to 70% on clearance sales
Macy’s has launched discounts of up to 70% on selected products. Clearance signs can already be seen in the windows of several affected locations. This is the last chance for shoppers to find deals on these stores!
Is Macy’s another victim of the decline of department stores?
Macy’s decision is not an isolated case. The crisis of department stores has accelerated in recent years. Other brands have also closed hundreds of stores due to the loss of customers to e-commerce and the change in shopping preferences.
Consumers are no longer looking for the experience of going to a shopping mall, but rather the convenience of shopping online and receiving products at home. This has forced large chains to rethink their strategies and adapt to a new commercial reality in order to remain competitive.
Macy’s future
Macy’s says that its store closures are part of a restructuring strategy that will allow it to focus on promoting its digital presence, but that this will not be a definitive goodbye for the company. The fear of many is that the brand will end up facing the same fate as other large chains that failed to adapt to the current shopping trend.
What can we buy at Macy’s?
You can find absolutely everything you can think about, and also from several brands. From clothing, beauty products and perfumes, decorative objects, furniture, bags and even technology. It is something like a mix of brands and products so you can choose everything you need without having to go to another store. In addition, there are always discounts and offers. And who doesn’t like a discount?
For now, customers still have the opportunity to visit stores that are in liquidation and take advantage of the discounts before Macy’s disappears from their cities or they have to search for these products through Google. What is clear is that the market is changing rapidly, and only the most innovative brands will manage to survive. Let’s hope that Macy’s can keep up!!