Iconic Philadelphia Macy's to close later this year

PHILADELPHIA - The iconic Macy’s store in Center City is set to close its doors in the coming months, Macy's confirmed in a press release issued Tuesday. 

City officials made the announcement of the closure during a Thursday afternoon press conference. 

The future of the store, located in the historic Wanamaker building, has been in question for some time as the company announced last year that it would shutter roughly 150 of its underperforming stores over the next several years. 

This past fall, Councilmember Curtis Jones Jr. questioned whether Macy’s was giving up its lease, saying he first heard about a potential closure late in 2023 after a store security guard was fatally stabbed on the job. 

PHILADELPHIA, PENNSYLVANIA - NOVEMBER 15: View of decorations during Macy's Center City Light Show at Macy's Center City on November 15, 2023 in Philadelphia, Pennsylvania. (Photo by Lisa Lake/Getty Images for Macy's, Inc)

The Philadelphia closure was one of a total of 66 announced by Macy's on Thursday. The location in the Exton Square Mall was also listed among the closing stores. 

Macy’s has said the closures would allow them to focus their resources on their remaining locations. 

The company had planned to close about 65 locations in 2024. The closure of underperforming stores was part of a strategy Macy's dubbed a ‘Bold New Chapter’ they unveiled in February. That strategy was also expected to include the revamping of 50 key stores. 

By the time all planned closures are complete, Macy's says they will be down to 350 stores. They also previously said they would add about 45 Bloomingdales and Bluemercury locations, as both brands had shown growth in sales.

Mayor Cherelle Parker said a top reason she favored the Sixers arena along Market Street is to create a rebirth of this once mighty retail corridor that now sees another classic retail name leaving.

During the press conference, officials were quick to point out the closure of the Center City store was not a Philadelphia issue, as they pointed out the closure of various locations, in all commercial quadrants, spoke to a larger plan Macy's had for revitalization.

Each official spoke to the idea of a re-imagining of Market East and an opportunity to expand on previous growth in the area. They did not have a specific timetable for new plans.

Director of Commerce of the City of Philadelphia, Alba Martinez, said, "This location has been a cornerstone of our city’s identity and its closing represents a profound change. We extend our deepest gratitude to Macy’s for their longstanding presence in Philadelphia. Their contributions to our retail landscape and their stewardship of this historic space have helped define Market East as a destination for generations of Philadelphians. This moment is an opportunity for us to think and act boldly about the future of the Wanamaker building and all of Market East."

City officials admit privately the Center City Macy’s and other retailers who have closed stores and left Market Street may have lost shoppers scared away by crime.

Councilmember Jones had this to say regarding the retail area, "It's not just a Macy's, it's a CVS it's a Rite Aid that we are losing. We have to have a Marshall Plan for Market Street. Some people running for office they called us Gotham. We're not Gotham, but we damn well better have a Batman security plan."