Macy's will close 45 stores by mid year as part of a three-year store closing strategy that will shutter 125 locations in the next two years.

The strategy focuses on mall-based locations and a goal to get the "right mix," according to a CNBC report, with more off-mall stores coming into play.

The move is partly due to the ongoing COVID-19 pandemic which has forced physical store closures during 2020 and the increasing consumer move to buy online due to health and safety concerns. Macy's digital sales increased 27% during the last quarter of 2020, but in-store sales dropped 20%.

Macy's runs 544 department stores, 34 Bloomingdale's locations, 19 Bloomingdale's outlets and 166 Bluemercury shops.

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