{"id":59002,"date":"2020-09-02T19:56:00","date_gmt":"2020-09-02T16:56:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/macys-moving-away-from-malls-with-smaller-independent-stores\/"},"modified":"2020-09-02T19:56:00","modified_gmt":"2020-09-02T16:56:00","slug":"macys-moving-away-from-malls-with-smaller-independent-stores","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/macys-moving-away-from-malls-with-smaller-independent-stores\/","title":{"rendered":"#Macy\u2019s moving away from malls with smaller, independent stores"},"content":{"rendered":"

“#Macy\u2019s moving away from malls with smaller, independent stores<\/strong>”<\/p>\n

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September 2, 2020 |<\/span> 12:56pm |<\/span> Updated September 2, 2020 | 12:56pm<\/span><\/p>\n

\n Macy\u2019s just put mall owners on notice.<\/span><\/p>\n

Over the next two years the largest department store in the world will build new, smaller stores outside of malls, chief executive Jeff Gennette said on an earnings call.<\/span><\/p>\n

\u201cWe continue to believe that the best malls in the country will thrive. However, we also know that Macy\u2019s and Bloomingdale\u2019s have high potential off-mall and in smaller formats,\u201d Gennette said.<\/span><\/p>\n

The company\u2019s shares rose by 6 percent on Wednesday on the new strategy, as well as signs that shoppers are increasingly turning to the department store chain\u2019s app<\/a> and website to stock up on clothes, mattresses, bags and furniture.<\/span><\/p>\n

Macy\u2019s on Wednesday posted a smaller-than-expected second quarter loss of 81 cents per share on an adjusted basis \u2014 besting Wall Street\u2019s expectations for a loss of $1.77 per share. A 53 percent surge in online sales, meanwhile, helped revenue rise to $3.6 billion, down 36 percent from a year ago but up from $3 billion in the first quarter.<\/span><\/p>\n

Macy\u2019s first disclosed its plans to test free-standing stores before the coronavirus and opened its first and only such store \u2014 dubbed Market by Macy\u2019s \u2014 in Dallas in February. But the department store giant\u2019s <\/span>move away from malls appears to have been accelerated by the pandemic, with Gennette acknowledging that some customers just aren\u2019t comfortable going to a mall during a pandemic.<\/span><\/p>\n

\u201cPeople are not using [the stores] to browse,\u201d Gennette said during the call. \u201cThey are mission based, they are coming for a transaction. They are not lingering.\u201d\u00a0<\/span><\/p>\n

Gennette also said that Macy\u2019s stores are increasingly being used to fulfill online purchases with about 30 percent of Macy\u2019s digital transactions taking place at the stores instead of the warehouses. \u201cI see that increasing,\u201d the executive said.<\/span><\/p>\n

The plan to open smaller stand-alone stores comes as Macy\u2019s moves to close some 125 existing stores, representing a fifth of its total, over the next several years.\u00a0<\/span><\/p>\n

\u201cMacy\u2019s has been over-sized for at least two decades both in terms of the number of its stores and their size,\u201d said Craig Johnson, president of Customer Growth Partners. \u201cJeff has to do a major reset of the business and the off mall concept is a good idea even if it\u2019s not a slam dunk, but just one of the pillars\u201d of Macy\u2019s new strategy.<\/span>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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If you want to read more Business News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Macy\u2019s moving away from malls with smaller, independent stores” September 2, 2020 | 12:56pm | Updated September 2, 2020 | 12:56pm Macy\u2019s just put mall owners on notice. Over the next two years the largest department store in the world will build new, smaller stores outside of malls, chief executive Jeff Gennette said on an…<\/p>\n","protected":false},"author":1,"featured_media":59003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[63499,63498],"class_list":["post-59002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-independent-stores","tag-macys-moving-away-from-malls-with-smaller"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/59002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=59002"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/59002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/59003"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=59002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=59002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=59002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}