Macy’s, a staple at Baltimore area malls, plans to close 150 department stores in a turnaround plan, the company said Tuesday.
The retailer did not announce specific store closures, saying it would target 150 “underproductive locations,” about 30% of its store base. About 50 will close this year.
Macy’s operates 14 Maryland stores, including seven in the Baltimore region. Those locations include Annapolis Mall, Security Square Mall, Harford Mall, Mall in Columbia, Marley Station in Glen Burnie, White Marsh Mall and Towson Town Center.
Store downsizing, part of Macy’s “A Bold New Chapter” initiative, will help keep the brand relevant, prioritize better performing stores and “create a more modern Macy’s,” the company said.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” said Tony Spring, Macy’s CEO, in a news release.
A Macy’s spokesperson did not respond to questions about specific closures on Tuesday.
The plan calls for investments in the remaining 350 stores and expansion of small-format stores.
Macy’s has performed well in the luxury market through its Bloomingdale’s and Bluemercury banners, which it plans to expand. The retailer plans to open about 15 Bloomingdale’s stores and at least 30 new Bluemercury cosmetic stores in new and existing markets over the next three years.
The department store chain had announced 37 closures in 2021, including one Maryland store in Marlow Heights.