Macy's, the popular department store, has been struggling to keep up with the changing retail environment and has closed 170 stores since 2016.
To combat this trend, Macy's has announced a new strategy that includes opening smaller versions of their brick-and-mortar stores, called Market by Macy's, which will be located in shopping centers and packed with curated products.
The Scalable New Store Concept:
During the National Retail Federation's "Retail's Big Show," Macy's CEO Jeff Gennette discussed how the company's new store concept is scalable and designed to keep up with the changing retail climate. The newer concept stores will be designed to cater to changing consumer preferences and will help the company remain relevant in the digital age.
What is Market by Macy's?
Market by Macy's is a new store concept that is smaller in size and located in shopping centers rather than large malls. The stores will use digital strategies to predict trends and offer customers new items and products several times a week. Additionally, Macy's will work with local businesses to create pop-up shops and events that are designed with customers in mind.
Locations of Market by Macy's:
Macy's has opened eight Market by Macy's stores across the United States. The stores are located in Texas, Georgia, Illinois, and Missouri.
Macy's has been closing stores across the country since 2016, and as of 2022, they have closed eight stores, with four more stores preparing to close. The closures are part of the company's Polaris strategy, a transformation strategy that involves various aspects of the business, including stores.
Macy's new store concept, Market by Macy's, is designed to keep up with the changing retail climate and cater to changing consumer preferences. The stores will be smaller in size and located in shopping centers rather than large malls, and the company will work with local businesses to create pop-up shops and events. Macy's closures are part of the company's Polaris strategy, which aims to optimize their store fleet to have the right mix of offerings on-mall and off-mall.
What Are Your Thoughts?
Have you visited a Market by Macy's store? If so, what was your experience like? Do you prefer shopping in malls or shopping centers? Why? Do you think that smaller store concepts like Market by Macy's will become more popular in the future? Why or why not?
Share your thoughts and experiences in the comments below!
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