Macy’s is starting to streamline its store portfolio.
The department store giant will close about 45 stores by mid-year, reported CNBC. The closures are part of a plan that Macy’s unveiled in February 2020 to shutter approximately 125 of its least productive stores during the next three years, including approximately 30 locations that were already in the process of being closed.
Macy’s currently operates 544 namesake stores.
In a statement on Tuesday to CNBC, a Macy’s spokeswoman said that the company was committed to “rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls.”
“To that end, we announced several store closures today that align to the guidance we provided in February 2020,” she said. “These closures bring us closer to achieving the right mix of mall-based stores.”