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The future of the Macy’s in the Oxford Valley Mall is uncertain as the department store chain begins a massive operational overhaul.
Macy’s, which is battling an ever-changing retail market and competing with cheaper competitors, announced this week that it will reduce its headcount, consolidate corporate offices, and close 125 of its “least productive stores” over the next three years under its three-year “Polaris strategy.”
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The company has not released whether the Oxford Valley Mall store in Middletown will be impacted, but it has already announced Pennsylvania stores in at the Harrisburg East Mall and Nittany Mall in State College will close.
The strategy undertaken by Macy’s will focus on retail locations that have undergone upgrades designed to fuel growth. The goal is to save $1.5 billion annually by the end of 2022 and cut 2,000 jobs, the company said this week.
“The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment,” Macy’s CEO Jeff Gennette said.
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The company will explore new store formats outside of malls.
The Oxford Valley Mall Macy’s has escaped past closures by the company. However, the store is aging and has not been completely overhauled to match newer locations.
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Macy’s and J.C. Penney are the last two anchor stores that remain open in the mall. The former Boscov’s location, which is the proposed site a 600-unit apartment complex, has been empty since 2008 and the Sears store closed last year.
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