The department store operator’s off-mall expansion is one of its key growth strategies.
The stores are roughly one-fifth the size of its traditional stores.on Tuesday said it will open up to 30 smaller stores in strip malls over the next two years, as the retailer chases customers out of dying malls and into bustling suburbs.The expansion marks an inflection point for the department store operator, which has looked for ways to refresh its legacy brand, cope with dwindling mall traffic and compete with retailers that have stolen away shoppers.
The off-mall stores have put up stronger results than the rest of Macy's. And based on the company's own shopper surveys, the stores get high marks for being easy to shop, neat, and staffed by helpful and friendly employees, Mastronardi said.
By the end of this year, Macy's will have 15 of the smaller stores, not including the announced expansion. Three are Bloomie's, a smaller version of the Macy's-owned Bloomingdale's. The up to 30 new stores that are coming will be called Macy's. The company is phasing out Market by Macy's, the name it initially used for the smaller Macy's stores.
Led by CEO Jeff Gennette, the company has focused on five growth drivers, including off-mall expansion. It has also refreshed and debuted new private brands, launched a third-party marketplace online, focused on luxury brands, and increased personalized offers and communication with customers.Oliver Chen, a senior equity research analyst at Cowen who covers retail and luxury goods, said Macy's is under pressure to appeal to younger consumers and differentiate from competitors.
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