Macy's just revealed a massive plan to turn around its business - here are the 5 main parts

Irene Jiang / Business Insider

Macy's just unveiled a big plan to revitalize its business.

• Macy's announced a three-year revitalization strategy on Tuesday that will involve the closure of 125 stores and layoffs for 2,000 employees.
• The five-pronged approach will include an improved customer loyalty program, experimental concept stores, corporate office downsizing, and investments in digital programs, among other efforts.
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Macy's is rolling out a new three-year business strategy called "Polaris" in the hopes of turning the tide against slumping sales as traditional retailers continue to struggle against the retail apocalypse.

The retailer announced a five-part plan on Tuesday to "stabilize profitability and position the company for growth," which details the forthcoming closure of 125 stores around the country and layoffs of an estimated 2,000 employees. In a press statement, Macy's CEO Jeff Gennette said the aim of the strategy is to strengthen each of Macy's brands, including its namesake company, Bloomingdale's, and Bluemercury.

"The changes we are making are deep and impact every area of the business, but they are necessary," Macy's CEO Jeff Gennette said in a statement. "I know we will come out of this transition stronger, more agile and better fit to compete in today's retail environment."

In addition to the store closures and job cuts, significant changes include the debut of Market by Macy's, an experimental concept store that will open in Texas this week, as well as the expansion of off-price stores like Macy's Backstage and Bloomingdale's The Outlet.

Here's a closer look at each part of Macy's new business plan.