Starting with 45 stores, Macy's is implementing a three-year plan to close 125 locations by the year 2023. The department store retailer is trying to reduce its dependence on struggling malls, without abandoning its anchor store status altogether. Macy's itself is struggling: In November, same-store sales fell more than 20%, and the surge in the retailer's e-commerce sales was not enough to make up for the dismal in-store numbers. Macy's stated goal is to operate stores in high-performing malls. It hopes that a mix of standalone and mall locations will strike the right balance with consumers.
Macy’s Chief Executive Jeff Gennette had previously said the company was still betting on the best malls in the country, but that it would look to grow off-mall in the future.