A year after opening its doors, Macy’s on Wednesday will officially close its stores in New Jersey, ending a two-decade reign as the country’s largest department store operator.
The company will also close its headquarters in New Hampshire.
The decision to close its malls is part of a broader plan to transform the New York metropolitan area’s economy, Macy CEO Kevin Johnson said on Wednesday.
“We believe this transition will have an enormous impact on New York’s economic vitality, our brand, and our employees,” Johnson said.
“The Macy’s of tomorrow will be one that is just as confident and energetic as Macy’s today, but one that has a whole new set of capabilities and capabilities to offer to our customers and employees.”
The Macy store in New Brunswick, New Jersey.
Macy’s plans to close three of its nine New York malls, which it has operated since 1997.
“Our goal is to build a more sustainable company, and we are building that new Macy’s that is going to be an even better brand,” said Johnson.
“And our employees, our suppliers, our contractors, they will all be able to come home.
And they’re going to have jobs.”
Macy is one of the world’s largest retailers, and one of its biggest customers.
Its retail stores are spread across the US and Canada.
Its headquarters are in the heart of Manhattan.
The company was one of America’s fastest-growing retailers in the 1990s and 2000s, and has seen its stock price rise more than 50 per cent over the past decade.
In recent years, Macy has undergone some restructuring, including a merger with department store giant Sears Holdings Corp. and a plan to close a number of its stores.
Johnson said the company was committed to the city, and would focus on investing in its workforce and improving its customer service, particularly with millennials.
The company will still continue to operate a number from its original seven stores in the city.
Macy’s stores in Brooklyn, Staten Island, Brooklyn Heights and Manhattan will continue to sell items from its department stores and its online store, Johnson said in a statement.
“We have already announced plans to open two new Macy to Brooklyn stores in 2019 and 2019, and the company has also begun work on a third new Macy location in New Bedford, Mass.,” he said.