Macy’s Closing 45 More Stores, Including Magnificent Mile Flagship

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Macy’s Closing 45 More Stores, Including Magnificent Mile Flagship

By Jamie Grill-Goodman - 01/06/2021

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.

The 45 closures, first announced by CNBC, are part of the retailer’s plans to close 125 stores in three-years to stabilize profitability, which it announced last February.

“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.

Macy’s Names CMO

In other news, Macy’s has named Nata Dvir chief merchandising officer of the Macy’s brand, effective February 1, 2021. Dvir will succeed Patti Ongman, who plans to retire at the end of the 2020 fiscal year.

Dvir currently serves as Macy’s senior vice president and general business manager for Beauty and Center Core merchandise. In her new role, Dvir will be responsible for leading Macy’s merchandising, with oversight of all merchandising categories and private brands. She will report to Jeff Gennette, Macy’s chairman and CEO.

“Nata is a strong merchant with deep connections to our partners, first-rate instincts and an eye for newness,” said Gennette. “I’m confident that she will continue our merchandising transformation, influencing our customers’ personal style through accessible fashion, clear value and an enhanced digital and store experience.”

“Patti is an accomplished retail executive and an inspiring leader. On behalf of everyone at Macy’s, I want to thank her for her many contributions to the company over the last four decades and the tremendous impact she has had on our organization. We wish her all the best in her retirement,” continued Gennette.

Dvir has held various leadership roles within Macy’s merchant organization. In September 2017, Dvir was named Macy’s general business manager for beauty, a new role in the organization. In that role, she has transformed the cosmetics and fragrance business, creating a more open and experiential environment in store, enhancing entertainment and customer experiences, taking a fresh approach to digital engagement and expanding new brands.

In February 2020, Dvir added responsibility for center core merchandise, including jewelry, handbags, shoes, intimate apparel and accessories. Since that time, she has infused newness by adding brands and updated products. She is focused on expanding Macy’s online assortment and evolving the service model in stores.

Dvir began her career as an executive trainee at Macy’s. She holds a bachelor’s degree from Syracuse University.