‘Built for a different era’: Macy’s CEO on why closing 150 stores is critical to its survival

With fresh leadership in place, Macy’s is executing on a transformation plan announced earlier this year. The 150 Macy’s stores slated for closure in the next three years make up 25% of the banner’s square footage but represent less than 10% of sales, CEO Tony Spring said during a discussion at Shoptalk on Sunday.