Why Macy's is closing 150 department stores

Shoppers walk by a sign for the Macy's department store at a mall in Long Island, N.Y. (Ted Shaffrey/AP)

Macy's, an anchor of so many shopping malls, plans to close 150 department stores in a bid to reinvigorate sales and shift its public image more toward luxury goods.

The company on Tuesday said it will shutter "underproductive" stores, while opening more of its better-performing, higher-end siblings: Bloomingdale's and beauty-focused Bluemercury. Macy's also plans to add smaller stores at outdoor shopping centers, which have been growing in sharp contrast to indoor malls.