We went to Macy's and saw how the brand is neglecting stores
Mallory Schlossberg/Business Insider
The once beloved department store has reported six straight quarters of plummeting sales. Sales most recently dipped 3.9%, and comparable sales on an owned and licensed basis declined 2%.
Now, the store is shuttering roughly 100 stores.
Jeff Gennette, who will take over as CEO of Macy's in the first quarter of fiscal 2017 said this was a way to "reinvest in a more energized shopping experience in our remaining stores and elevate our total customer experience across all methods of shopping."
After all, the stores could certainly use a boost.
It's unclear if shuttering stores will help Macy's.
"Given Macy's neglect of its stores over recent years, this is a step change for the group. As much as we applaud its intentions and believe them to be correct, the jury remains out as to how effective and committed the group will ultimately be to making these changes," Neil Saunders, CEO of consulting firm Conlumino wrote in a note to clients.
We went to Macy's and saw exactly just how bad things have gotten in recent months.
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