Macy’s is cutting 100 executive-level positions and investing in store renovations and new formats, executives said in releasing earnings.

The restructuring is expected to generate $100 million in savings, a portion of which will used to renovate an additional 100 stores (it revamped 50 last year), focusing on locations that generate more than 60% of the company’s revenue.

As part the effort, Macy’s will double the number of stores with The Market @ Macy’s format to 20 this year, all of which use B8ta’s retail-as-a-service platform that allows retailers to set up store-within-a-store formats featuring new brands and products. Macy’s acquired a minority stake in B8ta last year and also purchased concept store developer Story, the first fruits of which are expected to debut this spring.

Macy’s also will expand its virtual reality (VR) furniture shopping experience that is available in 90 stores. It is using Marxent’s 3D cloud content management and hosting service for VR and augmented reality applications. The system in Macy’s stores allows shoppers to design a living space with 3D furniture images and use VR headsets to virtually move through it before buying products. The average sale of VR-enabled furniture has been 44% higher than non-VR transactions and return rates have been 25% lower, Macy’s CEO Jeffrey Gennette said.

Net income declined 2.9% to $850 million as revenue decreased 2.5% to $8.4 billion despite a 2% gain in same-store sales