Macy’s will shutter around 45 stores by the middle of this year, including its flagship store in Water Tower Place, on Chicago’s Magnificent Mile.
“As previously announced, Macy’s is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls,” a spokeswoman told CNBC in a statement.
While the original closure plan included closing stores in “lower tier" malls, Chicago Tribune reports Macy’s is also closing its flagship store in Water Tower Place, along Chicago’s Magnificent Mile. The 170,000-square-foot store will close after a clearance sale that starts this month and will run for 8 to 12 weeks, Macy’s said Tuesday.
“After careful consideration, Macy’s has decided to close our Water Tower Place location,” Macy’s said in a statement. “This closure is part of the company’s strategy to right-size its store fleet, announced in early 2020. The decision to close a store is always a difficult one, and Macy’s Water Tower Place has been honored to serve its customers on the Magnificent Mile for 45 years.”
Macy's most recent store counts can be viewed here.