Macy's Closing Dozens Of Stores, Including Iconic Philadelphia Location: 'Never Easy'

Macy's announced that it will close 66 stores across the country this year as part of the retailer's revitalization program, including its location in Philadelphia's Center City, a process the CEO said is "never easy."

The company said in February 2024 that it would shutter 150 stores over a three-year period "to return the company to sustainable, profitable sales growth," Macy's said Thursday.

It included a list of the 66 stores closing.

At the same time, Macy's said it would invest in its other 350 locations throughout fiscal year 2026.

"Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy's stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service," Tony Spring, chairman and chief executive officer of Macy's, said.

Macy's opened its Philadelphia location in 2006 in the former Wanamaker's Department Store on Market Street, one of the first department stores in the nation. Built from 1904 to 1911, the 12-story structure is a National Historic Landmark.

The retailer said revitalization efforts at Macy's First 50 locations have resulted in increased sales for three consecutive quarters.

Third-quarter sales fell 7.1% to $4.86 billion but beat analysts' estimates of $4.82 billion.

"Building on that success, Macy's enters 2025 well-positioned to build momentum with a stronger store fleet and remains focused on bringing this enhanced customer experience to more locations nationwide and through its digital channels," Macy's said.