Several Macy's and Furniture Galleries stores will close in South Florida in the coming months, picked up Local 10 News.
According to a press release from Macy's on Thursday, it plans to close nearly 150 underperforming stores across the country over the next three years. For now, 66 stores are on the confirmed closing list, including South Dade Furniture Gallery in Miami, Pembroke Furniture in Pembroke Pines, Ft. Lauderdale Furniture in Fort Lauderdale and the Boynton Beach Mall Macy's in Boynton Beach. Additionally, the chain's Boca Raton department store Furniture Gallery has already closed.
Also on the list of confirmed closures are other Florida stores in Tampa, Altamonte Springs and Sarasota.
Macy's strategy is to reinvest in 350 locations and deliver continuous improvements in both stores and online sales.
Tony Spring, Chairman and CEO of Macy's, Inc., said, “Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underperforming Macy's stores to allow us to focus our resources and prioritize investments in our stores of the future, where customers are already responding positively to improved products, offerings and superior service.”
Clearance sales at Macy's Backstage and Furniture Galleries are scheduled to begin next February.
The Ohio- and New York-based department store conglomerate was founded in 1929, and after several decades of booming growth, the past few years have not been encouraging for Macy's or its other department store franchises, given that even before the pandemic, the department stores faced intense competition from online rivals.
In 2023 alone, Macy's posted a net loss of $71 million in the last quarter, compared to a profit of $508 million in the same period in 2022.