Credit: Tom Sofield/LevittownNow.com
The future of the Macy’s at the Oxford Valley Mall and hundreds of other stores remained uncertain as of Tuesday.
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The iconic retailer announced it plans to close approximately 150 stores nationwide as part of a massive reorganization that will see it pivot to a greater focus on luxury items.
The company said it plans to close “underproductive” locations, but it did not release a list of what locations will be closing.
Macy’s in 2026 will move forward with a smaller footprint of 350 locations carrying its name and dozens of Bloomingdale’s and Bluemercury locations. Company officials said the changes will create a “more efficient operating model.”
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Macy’s and JC Penney currently stand as the only remaining department stores in the Oxford Valley Mall following the closure of Sears in 2018 and the demolition of Boscov’s, which is being replaced with more than 600 upscale apartments.
The restructuring comes as traditional mall-based retailers, including Macy’s, face increasing competition from online shopping platforms. The challenge has only intensified since the onset of the COVID-19 pandemic.
Credit: Tom Sofield/LevittownNow.com
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Highlighting its focus on luxury retail, Macy’s plans to expand its Bloomingdale’s and Bluemercury brands, with approximately 15 new Bloomingdale’s stores and at least 30 new Bluemercury locations slated to open. The expansion will also include about 30 remodels of existing Bluemercury stores over the next three years.
According to Macy’s, the Bloomingdale’s and Bluemercury brands have been “outperformers” in its portfolio.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” said Tony Spring, CEO of Macy’s.
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Despite facing a decline in net sales by 5.5 percent in 2023 to $23.1 billion from the previous year and expecting a smaller decrease in sales for the current fiscal year, Macy’s remains optimistic about its pivot.
The retailer recently rejected a takeover bid on the basis that the takeover bid undervalued the company.
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