Malls plans to rollout smaller stores away from the mall – tech2.org

Malls plans to rollout smaller stores away from the mall


Lights flash off near a closed Macy’s Herald Square as people stay home in New York City on March 29, 2020 to stop the spread of coronavirus.

Noam Gully | Getty Images

Macy’s has a betting mall. But only the best mall. And so it is growing elsewhere.

“We believe the best malls in the country will thrive,” Chief Executive Officer Jeff Gennett said Wednesday. “However, we also know that Massey and Bloomingdale have high potential [off]In shorter and shorter formats. ”

The CEO said the department store plans to test several smaller Macy’s stores outside the chain shopping mall as well as off-mall Bloomingdale’s stores. It is still looking to grow its off-price business through Macy’s backstage.

In February, before the epidemic, Messi announced that it planned to close 125 stores in the next three years. Gennett said Wednesday that those plans still had not changed. However, he said that Macy’s is closely monitoring its competition and can adjust its store closure timeline as needed.

Macy’s second quarter is finished with 771 stores including Bloomingdale’s and Bluemarkery.

With the retailer boosting its online business, the retailer expected narrow losses and Macy’s shares jumped more than 5% on Wednesday morning following strong sales.

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