Macy’s to test smaller stores in non-mall locations; expects drawn-out holiday
Macy’s is looking at different locations to grow its brand. It’s also preparing for a holiday season that will be different from years past.
The department store giant plans to test several smaller Macy’s stores outside of malls, reported CNBC. It also plans to test a smaller-format, non-mall Bloomingdale’s location that will open next year.
“We continue to believe that the best malls in the country will thrive,” CEO Jeff Gennette told analysts on the company’s earnings call. “However, we also know that Macy’s and Bloomingdale’s have high potential [off]-mall and in smaller formats.”
On the same call, and as reported by CNBC, Gennette said he expects a more drawn-out holiday shopping season that will begin in earnest before Thanksgiving Day. The retailer expects that home and beauty will trend this year for gift-giving as shoppers stay away from more experiential items.
“We had a successful gifting strategy for holiday of 2019, and we’re building on that for 2020, and believe the shift away from experiential gifting provides some upside for us,” he added.
Gennette spoke with analysts shortly after Macy’s reported better-than-expected results for its second quarter.