Macy's is closing 100 more stores to invest in other stores, online shopping - Bring Me The News

Macy's is closing 100 more stores to invest in other stores, online shopping


Macy's is closing 15 percent of its stores.

The company made the announcement Thursday, saying it will be closing 100 stores nationwide as more consumers turn to online shopping.

In a statement, Macy's CEO Terry Lundgren said:

"We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage as a preferred shopping destination for fashion, quality, value and convenience. This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites and apps."

Macy's hasn't said which stores will close, and it's not clear if any of Minnesota's 11 Macy's stores will be affected. Most of the stores are expected to close in early 2017.

Jeff Gennette, Macy's president who will succeed Lundgren as CEO next year, said they're closing these stores proactively so the company can "invest in a winning customer experience in our most productive and highest-potential locations, as well as invest in growth sooner and more aggressively in digital and mobile."

Macy's plans to add new vendor shops and new businesses to the stores it keeps open, as well as adding new in-store events. The retailer will also make investments in new technology to help boost its already growing online sales, the release says.

In the past six years, Macy's has closed about 90 stores, while opening 13 new locations, CNBC reports.

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