"Given Macy's focus on clothing, if it can't make this part of its business work properly then its long term trajectory does not look promising," he said. Macy's said it expects annual online sales will eclipse $10 billion within three years, as the department store operator anticipates that shoppers' preference for internet purchases will stick beyond the pandemic. It also is planning for its online business to become even more profitable. Macy's is in the midst of pruning its real estate, too, to keep better-preforming stores in America's top malls open. In 2019, the company said it would shut 125 locations by 2023. Earlier this year, Macy's released the locations of more than 40 stores to shut by mid-2021, as part of its three-year closure plan.