Modern Picnic的动态

Macy’s announced a new strategy that includes a much smaller footprint and an expansion of its luxury and beauty brands.? The department store giant said it is?“focusing resources” by closing approximately 150 underproductive Macy’s locations, including some 50 by the end of 2024, and prioritizing investment in approximately 350 “go-forward” nameplate locations and the continued expansion of small-format stores.?In October, Macy’s??said it would?open up to 30?small-format, off-mall stores through fall 2025, starting in fall 2024. The company plans to focus more on luxury goods by opening about 15 Bloomingdale’s stores and at least 30 Bluemercury stores during the next three years. ?Bloomingdale's and Bluemercury have both outperformed Macy's.?#commercialrealestate #retailrealestate #macys #bloomingdales #bluemercury #expansion

Folks who know have said we've been "over-retailed" for years now, and Macy's is only the latest to flash a playbook of a smaller, but more profitable store footprint. ?? Announced today on their earnings call, they will close 150 stores that represent 25% of their portfolio's square footage but contribute just 10% of sales. ?? Similar to Abercrombie & Fitch Co.(see my previous post here https://lnkd.in/ezV7f-mQ), Macy's will shift away from giant flagships toward smaller, more agile formats, double down on their luxury brands Bloomingdale's and Bluemercury, and simplify operations ?? But no mention of an #ai and #advancedtechnology #roadmap to support this massive and critical #retailtransformation https://lnkd.in/enqgQr8e #topretailexpert

Big news from the retail world. Macy's, the retail giant, is charting a bold new course by closing around 150 underperforming stores by 2024. But every end is a new beginning! The company is setting its sights on the future with an investment in approximately 350 "future-focused" locations and the expansion of small-format stores. As part of this innovative strategy, as many as 30 small-format, off-mall stores are slated to open by fall 2025. The journey continues with a heightened emphasis on luxury, with plans to launch around 15 Bloomingdale's and a minimum of 30 Bluemercury stores over the next three years. Plus, get ready for a refreshed shopping experience at 30 renovated Bluemercury locations. Surely, it's a bold new chapter for Macy's. Looking forward to seeing this transformation unfold! #Macys #RetailInnovation #FutureOfRetail

Going along with the small-format store trend, Macy’s announced plans to close approximately 150 underperforming namesake stores, with 50 expected to close by early 2025. The full list of closures was not released, but the stores were described as 'unproductive.' Macy’s intends to direct investments towards approximately 350 remaining stores, with a focus on smaller, suburban formats. Bloomingdale’s, outperforming Macy’s, plans to open roughly 15 new stores over the next three years, targeting new markets. These upscale stores cater to higher-income, trend-focused consumers and offer popular luxury brands. Additionally, Bloomingdale’s is experimenting with smaller concept stores, known as Bloomie’s. Bluemercury was the only brand of the three to post comparable sales growth in the fourth quarter. The brand will see the opening of at least 30 new stores in the next three years, alongside remodeling 30 existing locations. Bluemercury's success is attributed to its focus on beauty products and services, with recent tests of expanded spa offerings. Since Macy’s acquisition in 2015, Bluemercury has grown to 159 locations. #NNN #retail #realestate #investment #investing #commercialrealestate #property #passiveincome #cre #investor #realestateinvesting #commercialproperty #netlease #retailrealestate #macys https://lnkd.in/g6jHecuZ

More news from Macy's. As retail evolves at a pace not seen to date, all eyes are on Macy's as the largest department store chain left standing in the United States. Marianne Wilson of Chain Store Age reports that the department store giant said it is?“focusing resources” by closing approximately 150 underproductive Macy’s locations, including some 50 by the end of 2024, and prioritizing investment in approximately 350 “go-forward” nameplate locations and the continued expansion of small-format stores. In October, Macy’s??said it would?open up to 30?small-format, off-mall stores through fall 2025, starting in fall 2024. Bluemercury As part of its strategy, dubbed "A Bold New Chapter," the company plans to focus more on luxury goods by opening about 15 Bloomingdale's’s stores and at least 30 Bluemercury stores during the next three years. It also expects to remodel about 30 Bluemercury locations during that time.?Bloomingdale's and Bluemercury have both outperformed Macy's. I periodically visit Macy's locations throughout the country on my travels. Some stores are well merchandised and present well. Others, not so much. Retail is a day-to-day challenge and the culture of a company can impact the "boots on the ground" sales and service teams. It will be interesting to how Macy's traverses this next round of strategic initiatives. #retail #retailnews #retailtrends #retailstrategy #departmentstore #cre #macys https://lnkd.in/gH67tzhg

Macy’s new focus on luxury and closure of underproductive stores: Macy’s, unveils ambitious plans to close 150 underproductive stores, marking a significant shift in strategy over the next three years. Amidst a challenging retail landscape, the company emphasizes a pivot towards luxury shopping experiences. Read more from The Guardian: https://lnkd.in/gxWzVSg3 Tony Spring, Macy’s CEO, heralds this transition as a "bold new chapter," signaling a departure from the status quo and a commitment to modernizing the Macy’s brand. With plans to open 15 upscale Bloomingdale’s stores and 30 Blue Mercury cosmetics locations, the company aims to curate relevant assortments and deliver compelling value to its clientele. Despite challenges, Macy’s remains steadfast in its dedication to customer-centric initiatives, promising improved shopping experiences and prioritizing investments in approximately 350 locations while expanding smaller stores. Spring asserts that employees are energized by the prospect of driving market share gains and sustainable growth, fostering optimism within the company. However, the announcement coincides with a 1.4% drop in Macy’s shares during pre-market trading on Wall Street. Furthermore, the rejection of a $5.8 billion takeover offer underscores Macy’s determination to forge its path forward independently. The retail landscape's evolution, accelerated by the pandemic, underscores the imperative for adaptation. Macy’s, like its counterparts, grapples with shifting consumer behaviors and the rise of e-commerce. Despite posting a net loss of $71 million for the last quarter of 2023, the company remains resolute in its pursuit of long-term viability and shareholder value. As department stores navigate a tumultuous landscape, Macy’s bold strategy reflects a commitment to resilience and innovation, aiming to carve out a sustainable niche in an ever-changing market. #HalifaxWest?#WinTogether?#capitaladvisory?#MandA?#restructuring #operatingadvisory #Macys #RetailEvolution #LuxuryShopping #BoldNewChapter #Bloomingdales #BlueMercury

Macy's Transformation: A Strategic Shift Towards Luxury with Major Store Closures In a pivotal move to redefine its retail strategy, Macy's has unveiled plans to close 150 "underproductive" stores by 2026, significantly reducing its physical footprint. This decision aligns with the company's vision to propel market share gains, sustainable growth, and enhance shareholder value. As part of this strategic overhaul, Macy's is doubling down on luxury, announcing the expansion of its Bloomingdale’s and Bluemercury chains. The plan includes opening at least 30 new Bluemercury stores and around 15 new Bloomingdale’s locations within the next three years, alongside approximately 30 Bluemercury remodels. This bold shift comes in the wake of Macy's latest quarterly report, which surpassed Wall Street's expectations despite the broader challenges faced by brick-and-mortar retailers in adapting to the digital shopping era. The COVID-19 pandemic has only accelerated this shift, pushing Macy's to streamline operations and focus on a more targeted, luxury-oriented approach. Macy's CEO Tony Spring emphasized the move as a step towards a "more modern Macy's, Inc.," focusing on enhancing customer relationships through improved shopping experiences, relevant assortments, and compelling value. As the retail landscape continues to evolve, Macy's adaptation strategy reflects a broader trend among traditional retailers to refine their business models, focusing on profitable growth areas while navigating the challenges of digital transformation. What are your thoughts on Macy's strategic direction? Will focusing on luxury and reducing physical stores pave the way for a successful turnaround? #RetailInnovation #Macy's #BusinessStrategy #DigitalTransformation #RetailMarketing #DTC

Famed department-store chain Macy's is downsizing... ... and upgrading. According to The Wall Street Journal, the retailer "will close about 150 underperforming Macy’s stores, or about 30% of its fleet, over the next three years. It will focus on upgrading its remaining 350 Macy’s locations, while also opening smaller versions of its namesake chain and adding more Bloomingdale’s and Bluemercury locations." Why? According to new CEO Tony Spring, it's to ensure the chain doesn't become less relevant to shoppers looking to "shop the way they want." The insightful article offers a few interesting facts: ??The company says "the 150 Macy’s stores slated for closure represent about a quarter of its gross square footage but less than 10% of sales." ??Macy's "expects $600 million to $750 million in proceeds from closing stores and distribution centers by the end of 2026." ??Spring plans to use those millions "to fund the expansion of what he envisions as a more modern Macy’s. That includes smaller stores that aren’t in malls and are easier to shop." ??Based on research conducted with 60,000 US consumers, Macy's shoppers want "a less-cluttered shop floor and more salespeople to assist them"... ... so the retailer "will be adding sales associates to fitting rooms and shoe departments. It will step up visual displays with more mannequins and evaluate the smallest details such as the optimal way to display certain clothing—hung or folded." More efficient, more relevant stores that are easier to shop and offer consumers a better in-store experience? That's exactly what today's brick-and-mortar retailers need to do to win. ?? (And if you're a multi-location retailer that could use some help with this, let's chat...) #brickandmortar #retail #rightsizing #shopperexperience

Check out your nearby mall and notice how quiet it's become. Between online shopping, the popularity of discount stores, and safety concerns, malls aren't the family hangouts they used to be. Loads of companies are scaling down across different markets, and there are various factors at play. Keep an eye on retail trends as we head into the election year!