Macy’s is betting malls will make it, but only the best malls, so it’s looking to grow elsewhere. “We continue to believe that the best malls in the country will thrive,” CEO Jeff Gennette told analysts Wednesday. “However, we also know that Macy’s and Bloomingdale’s have high potential [off]-mall and in smaller formats.”
He said the department store chain is planning to test several smaller Macy’s stores outside of malls, as well as a Bloomingdale’s store off-mall. It is also still looking to grow its off-price business through Macy’s Backstage.
Key Points
- Macy’s is planning to test several, smaller Macy’s stores outside of shopping malls, as well as a Bloomingdale’s store off-mall.
- Macy’s and Bloomingdale’s “have high potential” away from malls and in smaller formats, CEO Jeff Gennette told analysts.
- In February, Macy’s announced plans to shut 125 stores over three years.
RSK: I am betting the one at Hilldale will remain open.
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