Macy’s, Bed Bath & Beyond to Close New York Locations

Both Macy's and Bed Bath & Beyond announced that they will be shuttering stores in the Empire State.

Macy's, with two locations in the Mid Hudson Region, has announced that it will be closing 45 stores in 2021. Likewise, Bed Bath & Beyond, which has four local stores, will be shuttering locations in New York.

CNBC reports that the Macy's closures are part of a three-year plan to shutter 125 locations. The struggling retailer says it's getting rid of underperforming stores to focus on locations situated in "desirable, well-trafficked A and B malls." The letter-grading of malls relates to the number of sales they generate by square foot. Successful "A-level" malls can bring up to $1,000 per square foot, while "C-level" malls only generate a third of that.

In New York, Macy's will be shuttering locations at Sangertown Square, near Utica and at the Galleria in White Plains. Currently, Macy's operates two Hudson Valley stores in Middletown and Poughkeepsie.

Bed Bath & Beyond announced last year that they would also need to close more stores in 2021 due to lagging sales. On Thursday, shares of the retail store were down over 10% in premarket trading after another dismal financial report. Currently, 43 locations are already slated to close in February, including three New York stores. Bed Bath & Beyond locations in Manhasset, Greece and Manhattan are all on the chopping block. Currently, the Hudson Valley is home to four Bed Bath & Beyond stores in Middletown, Kingston, Newburgh and Poughkeepsie.