Macy’s chooses small stores rather than shopping malls

The company said that they believe in the future of large shopping centers, but they are also aware of the great potential of small-format stores.

According to an official statement by CEO Jeff Gennett, the U.S. chain of department stores plans to open several small stores like Macy’s, as well as one store Bloomingdale’s. All of them will be part of an experiment in which the company plans to evaluate how successful such a format will be. At the same time, Macy’s Backstage discounters will continue to develop.

No details have been reported yet. It is not known where exactly the points of sale for the new format will be opened. Most likely, the company itself has not yet determined the location and is in search.

According to Gennett, Macy’s still believes in the bright future of large malls. He believes that the best of them will thrive even in these difficult times. Nevertheless, the company will continue to test new ways and look for new opportunities for its development.

Earlier, in February 2020, Macy’s announced its intention to close 125 stores at once within a few years. It was reported that the company will not change these plans, but will be making adjustments to them. At present, Macy’s owns 771 stores, including Bloomingdale’s and Bluemercury’s.

Earlier, the retailer pleased its shareholders with the announcement that the value of its shares rose by 3% on the back of a report of lower-than-expected losses and sales growth due to a decline in its online business.