Macy's will open up to 30 stores, as department store looks to strip malls as key part of its future
Publishing timestamp: 2023-10-03 08:00:01
Summary
Macy's plans to open up to 30 smaller stores in strip malls over the next two years as it looks to attract customers away from dying malls. The move marks a turning point for the struggling department store operator, which has faced challenges due to dwindling mall traffic and increased competition. The smaller stores, which are about one-fifth the size of traditional Macy's stores, have shown stronger results and higher customer satisfaction. Macy's aims to appeal to younger consumers and differentiate itself from competitors by focusing on off-mall expansion.
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Source: https://www.cnbc.com/2023/10/03/macys-to-open-up-to-30-new-stores-in-strip-malls.html