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Macy's To Open Smaller, Off-mall Stores

macys sept03 lt

Macy's Inc. (M) plans to open several smaller format off-mall Macy's and would test a smaller format off-mall Bloomingdale's, beginning in the fourth quarter of 2021, said CEO Jeff Gennette in the recent quarterly earnings call on Wednesday.

In off-price, the company would open several additional freestanding Backstage stores, continue the expansion of Bloomingdale's The Outlet and test Backstage online.

"As we shared in February, every off-mall store will have full service for pickup and returns. We continue to believe that the best malls in the country will thrive. However, we also know that Macy's and Bloomingdale's have high potential off-mall and in smaller formats", Macy's stated.

The national retailer's upcoming smaller store openings are part of its 'Polaris' business strategy. The main priorities of Polaris strategy include strengthening customer relationships, curating quality fashion, accelerating digital growth, optimising all aspects of the company's network including stores, supply chain, call centers to deliver the best customer omni-channel experience; and delivering profitable growth on a rewired cost base.

The company noted that it has planned to invest in fashion, digital and omnichannel, and galvanize the resources of the company to serve its customers and move the company business forward.

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