As of February 3, 2024, the company had 718 store locations in 43 states, the District of Columbia, Puerto Rico and Guam — a total of about 110 million square feet. About 286 were properties owned by the company, 339 were leased locations, 90 locations operated were in company-owned buildings on leased land, and three locations of partly owned and partly leased buildings. Owned properties were free and clear of mortgages.

“We, at the start of the closure strategy, said we had locations that were less profitable and less productive, and we wanted to monetize them as soon as possible,” said Chief Executive Officer and Chairman Antony Spring. “So, the fact that we are closing more stores this year is a reflection of the fact that our assets have value and that even in this less stable market, we're transacting. And the number remains approximately 150. We'll provide an update on that as we get into 2025. But the core is to get to a fleet that we think can provide sustainable profitable growth for the enterprise. We've continued to open Macy's small formats. We're up to 24 locations.” Bloomingdale's has opened four small-format locations to date as well.

The announcement came several days after activist investor Barington Capital Group publicly called for a Macy’s CRE subsidiary to “optimize the value potential of its real estate portfolio.”

Barington said Macy’s should emulate Dillard’s “for a successful model in capital allocation.”

“Dillard’s has been executing a highly successful strategic plan focused on improving operating margins, prudently managing capital expenditures and aggressively returning capital to stockholders,” Barington Chairman James Mitarotonda said in prepared remarks. He continued that since fiscal year 2018, “Dillard’s has paid out 60% of its total cumulative cash sources to stockholders versus Macy’s at 25%. Dillard’s stockholders have benefitted greatly from this plan, seeing a total return in their shares of +788% versus Macy’s of -12%.1”