Macy’s To Open Four More Smaller Stores, as Strip Mall Experiment Shows Early Signs of Success
August 24, 2023
Macy’s has announced plans to open four smaller stores in Boston, Las Vegas, San Diego, and suburban Indiana, as part of its efforts to revamp its brand and attract younger shoppers. These new locations, situated in strip malls, will host events and frequently change merchandise. CEO Jeff Gennette noted that Macy’s existing smaller-format stores have outperformed the company with sales growth in the most recent quarter, while the larger company experienced a 7.3% drop in comparable sales on an owned-plus-licensed basis.
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