Macy’s plans to close 100 of its 675 department stores following a drop in its profitability. It will use some of those resources to double down on its digital operations.
As plans go, it isn’t a bad one — that’s what Walmart, after all, is doing. Earlier this year, Walmart announced plans to close 269 stores, with 154 in the US. It still is willing to invest in new stores in strategic markets — it has plans to open more than 300 stores for this fiscal year — but it is determined to crack the online sales nut. Just this week it announced it was investing $3.3 billion to acquire Jet.com.
