If you doubt the struggle retail stores will face in 2024, wait until you hear which legendary department store just announced they will be closing stores and laying off thousands. They currently have a dozen Missouri stores, but will they be affected? Let's find out.

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NDTV is reporting that one of America's most famous department store brands is currently going through major cutbacks. The word is that they either have or plan to fire 2,350 employees which accounts for 3.5% of their workforce. They are also closing at least 5 stores. What department store am I talking about?

Answer - Macy's

Missouri appears to still have 12 Macy's locations. Will they be affected by these closings? Based on another report from Axios, it doesn't look like any of the Missouri stores are on the closing list yet. They show that 2 California Macy's will close along with stores in Virginia, Hawaii and Florida. 

It's unknown at this time if any of the 2,350 layoffs will affect any Missouri employees though. Macy's has stores in the St. Louis, Kansas City and Springfield area.

What's the cause of this downturn even among legendary retailers like Macy's? CNN reports that they had what is described as a "sluggish holiday season". They also report that Macy's has tried to make adjustments like smaller stores and new brands, but that hasn't changed "long-term trajectory".

Let's face it. With the online shopping world continuing to dominate and innovate, it's a steep hill to climb even for brands like Macy's who have given us the legendary Thanksgiving Day parades. 2024 will likely be the toughest year yet for department stores like this.

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Gallery Credit: Canva

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