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Macy's reveals plans for off-price concept



Macy's will open four off-price stores in the New York City market this fall called Macy's Backstage.
The department store chain announced Tuesday that it plans to open four pilot locations of Macy’s Backstage, a new off-price brand.  The retail outlets will be similar to Nordstrom Rack or TJMaxx, offering a mix of clothing and home goods at 20 to 80 percent off their original prices, they will open in New York this year.

“We believe we can deliver a whole new level of value to customers who appreciate fashion and love to hunt for a bargain,” said Peter Sachse, Macy’s chief innovation and business development officer.

Even as shoppers get more distance from the recession, they have clung to the deal-hunting mindset that take hold during that era.  With an off-price concept, Macy’s is making an aggressive bid for shoppers who continue to fixate on low prices.

The launch of Macy’s Backstage is just one of several major moves the department store chain has made so far this year.  It scooped up beauty retailer Bluemercury for $210 million, its first acquisition in more than a decade. It also restructured its merchandising and marketing functions to better suit what’s known as omnichannel retailing, in which shoppers move seamlessly between in-store and online shopping

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Sachse’s team is not just working on the off-price concept; it has been tasked with exploring international expansion.  Currently, Macy’s has one overseas store slated to open in Abu Dhabi in 2018, but is considering other locations.

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