By May, J.C. Penney closed 33 underperforming stores, but analysts have called for it to cut its footprint further.
Read MoreWal-Mart: We see your Black Friday and raise you five
Last month, reports surfaced that Sears would close more than 100 stores, many before Christmas—a move some investors would welcome. However, company spokesman Chris Brathwaite said "the reported store count and list of closures isn't accurate" and the company will update its store count when it releases its third-quarter earnings in December.
In Sears' second-quarter earnings release, the retailer reiterated that it had already announced the closure of about 130 underperforming stores this year, and that it "may close additional stores during the remainder of the year."
Read MoreTarget's starting to get its mojo back: Pro
For Wal-Mart's part, the company announced at its analyst day in October that it would slow the pace of its supercenter openings next year. Following the company's earnings release on Thursday, Belus Capital Advisors analyst Brian Sozzi said that he predicts Wal-Mart will also begin closing underperforming stores in 2015.
"Theoretically, its own investments in its future of mobile buying is crippling the sales potential of new, and old, supercenters," he said.
"In our view, Wal-Mart must reduce its cost and expense base as it reinvests in price ... and lays global technological infrastructure."
Wal-Mart shares rose about 4 percent in afternoon trading; Macy's shares were slightly lower.