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Macy's retreats from the mall to focus on off-price, off-mall concepts - Business Insider

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Macy's is turning its back on the mall and focusing on off-price stores and trendy lifestyle concepts to win over millennial shoppers

The department store chain on Tuesday revealed its three-year turnaround plan to cut costs and boost growth, called "Polaris." To do so,125 underperforming stores, streamline its offices, and slash hundreds of corporate jobs.

Instead, the company will be taking its brand to the areas of retail that are growing, he said, piloting new store concepts that can be "scaled profitably under the Macy's brand." Gennette added that Macy's research reveals that these consumers would shop at Macy's if it had a store in the places where they are shopping regularly — out of the mall and closer to their own neighborhoods.

The concept launched in 2015 with six standalone stores and has since grown to have 211 store-within-store locations in Macy's full-line department stores. In 2020, Macy's plans to bring the number of store-within-stores up to 261 locations.

 

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