01.20.24
Holiday 2023 retail sales met retailers' expectations, but the ongoing shift to online shopping continues to reshape the retail landscape. Macy’s will 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. Core retail sales during the 2023 holiday season grew 3.8% over 2022 to a record $964.4 billion, according to US Census Bureau data. The results easily met the National Retail Federation's forecast that holiday sales would increase between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion.
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.
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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. Core retail sales during the 2023 holiday season grew 3.8% over 2022 to a record $964.4 billion, according to US Census Bureau data. The results easily met the National Retail Federation's forecast that holiday sales would increase between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion.
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.
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