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Retail Giant Macy’s Downsizes Workforce, Shuts Stores Amid Online Shift

A holiday spending surge failed to stem job losses at Macy's.

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By: Charlie Sternberg

Associate Editor

As reported in The Wall Street Journal, Macy’s has announced plans to lay off about 3.5% of its workforce (approximately 2,350 employees) and close five stores as it continues to shrink its retail business and shift its focus to online shopping.
 
This news comes despite the fact that Americans stepped up their spending at retailers in December, closing out the holiday shopping season and the year on an upbeat tone.
 
Macy’s currently operates 500 Macy’s stores in addition to 55 Bloomingdale’s stores. Since 2015, it has closed nearly 300 stores.
 
The migration of shoppers away from brick-and-mortar and towards online competitors, coupled with the rise of discounters and fast-fashion giants, has cast a long shadow over the iconic retailer.
 
Macy’s has attempted various strategies to revitalize business, such as new brands and smaller stores, but nothing has altered its long-term trajectory.

Other Macy’s News

In February, Tony Spring will succeed Jeff Gennette as CEO of Macy’s.

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