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Macy's is investing on different fronts to show its relevance in the changing landscape of shopping centers. (Photographer: Victor J. Blue / Bloomberg)© 2018 Bloomberg Finance LP
The setbacks of department stores – with their rivals T. Maxx at Amazon is gaining market share and consumers are spending more on gadgets and make the fashion experience – are now a familiar scenario, as evidenced by Bon-Ton and Sears' bankruptcy filings and store closures, as well as losses incurred by J.C. Penney. But Macy's says it can thrive even though US shopping centers are undergoing big changes.
The chain of department stores announced Wednesday a fourth consecutive quarter of increase in sales per store after three full years of decline, an encouraging sign that some of its recovery efforts are bearing fruit. He also raised his earnings per share outlook for the year and issued an optimistic note for the fourth quarter, the holiday season.
"There is a big difference between our store portfolio and the rest," said Jeff Gennette, chairman and chief executive officer of Macy, in a conference call with analysts following the release of the results. "We have a multi-year strategy to increase interest in these stores."
Develop on a the Wall Street newspaper Gennette described Macy's as still profitable "neighborhood" stores and will serve the convenience needs of its customers. They will function as online distribution centers allowing customers to retrieve or return orders online, as well as recover skin care and other replenishment items, he said. Macy's will also add more self-service options. And like his rival outside the Kohl's shopping center, Macy's plans to sell vacant space for rent to other tenants to generate traffic.
At the same time, for Macy's flagship sites, the top performing, and what they call "magnetic stores" – the company's capital expenditure goal – society expands the selection. She is also adding her off-price Backstage concept to prevent discount buyers from visiting Marshalls and T.J. Maxx. Macy's said Backstage-powered sites had increased sales and traffic.
At the same time, like shopping center owners such as Macerich and Simon Property, Macy's is adding new restaurants and other categories to drive more traffic.
"We're really changing the chemistry of content in these stores," said Gennette, "by combining square footage, pulling more clothes and adding more entertainment and restaurants."
Although it outperforms many competitors, Macy's has closed at least 124 stores since 2015. With sales of nearly $ 25 billion in fiscal 2017, it has approximately 690 stores to its credit and high-end, Bloomingdale brands. The company also has more than 180 specialty stores, including Bloomingdale's The Outlet, Bluemercury, Macy's Backstage and Story.
With these closures and many more, US department stores have lost $ 20 billion in sales between 2012 and 2017, an average annual decline of 4.6%, to reach $ 81 billion, according to Euromonitor . While Macy's remains the market leader, its market share rose from 22.3% five years earlier to 18.2% in 2017, while Kohl's out-of-the-box concept of its won on the ground, its market share having increased by about 1 percentage point to 18.1%. the same period, Euromonitor data show.
A study by JLL last year showed that American consumers had more space in department stores than their counterparts around the world, echoing other studies showing that the surface of Per capita shopping of US consumers is far superior to that of their counterparts in other developed countries. In the United States, 46% of gross leasable area in shopping centers was allocated to department stores, followed by the United Kingdom at 27%, according to the JLL study.
Like other retailers, Macy's doubles its spending on mobile apps and other technology spending. On Wednesday, online sales continued to grow at double digits and mobile sales are expected to reach $ 1 billion this year. Macy's has also set up a mobile scanning and payment service that allows customers to bypass the payment line.
The company has added virtual virtual mirrors to some stores, allowing buyers to see what beauty products look like without trying them. And some of its branches have virtual reality stations that allow customers to play with the appearance of furniture in their homes, a decision that would both increase furniture sales and reduce returns. The company also indicated that it also uses data analysis to facilitate inventory planning and reduce discount sales.
Macy's reorganized its loyalty program and made it available to all buyers, regardless of the method of payment for their purchases, which attracted new customers.
With the retail sector increasingly seeking the help of all kinds of startups, Macy's has a stake in Silicon Valley's start-up b8ta, which is located in its flagship New store. York and uses its technology to develop the ephemeral shop of Market @ Macy concept. Macy's also bought Story, famous for its New York store that generates traffic by regularly hosting different brands with unique themes. Macy's stores will begin to see the work of Story founder Rachel Shechtman, who has been named "brand experience manager" at Macy's to help replicate a store experience similar to Story's, Gennette said. .
"We are really focused on the experience," he said. This is one of the things we have been doing a lot of things against. It's a table issue.
For example, for the holidays, Macy's flagship product in New York has a 250 square foot "experiential space" in its ground floor beauty department. – in the words of the company, offer "the perfect time for Instagram".
But how fast – and at what price – Can Macy's bring some of these potential driving experiences to the rest of its store fleet?
Linked to Forbes: Macerich facilitates the opening of physical stores by online brands
Forbes Related: US Shopping Center Vacancy Rate Reaches Seven Year High
About Forbes: 7-Eleven Expands Mobile Scanning Service and Payroll Service
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Macy's is investing on different fronts to show its relevance in the changing landscape of shopping centers. (Photographer: Victor J. Blue / Bloomberg)© 2018 Bloomberg Finance LP
The setbacks of department stores – with their rivals T. Maxx at Amazon is gaining market share and consumers are spending more on gadgets and make the fashion experience – are now a familiar scenario, as evidenced by Bon-Ton and Sears' bankruptcy filings and store closures, as well as losses incurred by J.C. Penney. But Macy's says it can thrive even though US shopping centers are undergoing big changes.
The chain of department stores announced Wednesday a fourth consecutive quarter of increase in sales per store after three full years of decline, an encouraging sign that some of its recovery efforts are bearing fruit. He also raised his earnings per share outlook for the year and issued an optimistic note for the fourth quarter, the holiday season.
"There is a big difference between our store portfolio and the rest," said Jeff Gennette, chairman and chief executive officer of Macy, in a conference call with analysts following the release of the results. "We have a multi-year strategy to increase interest in these stores."
Develop on a the Wall Street newspaper Gennette described Macy's as still profitable "neighborhood" stores and will serve the convenience needs of its customers. They will function as online distribution centers allowing customers to retrieve or return orders online, as well as recover skin care and other replenishment items, he said. Macy's will also add more self-service options. And like his rival outside the Kohl's shopping center, Macy's plans to sell vacant space for rent to other tenants to generate traffic.
At the same time, for Macy's flagship sites, the top performing, and what they call "magnetic stores" – the company's capital expenditure goal – society expands the selection. She is also adding her off-price Backstage concept to prevent discount buyers from visiting Marshalls and T.J. Maxx. Macy's said Backstage-powered sites had increased sales and traffic.
At the same time, like shopping center owners such as Macerich and Simon Property, Macy's is adding new restaurants and other categories to drive more traffic.
"We're really changing the chemistry of content in these stores," said Gennette, "by combining square footage, pulling more clothes and adding more entertainment and restaurants."
Although it outperforms many competitors, Macy's has closed at least 124 stores since 2015. With sales of nearly $ 25 billion in fiscal 2017, it has approximately 690 stores to its credit and high-end, Bloomingdale brands. The company also has more than 180 specialty stores, including Bloomingdale's The Outlet, Bluemercury, Macy's Backstage and Story.
With these closures and many more, US department stores have lost $ 20 billion in sales between 2012 and 2017, an average annual decline of 4.6%, to reach $ 81 billion, according to Euromonitor . While Macy's remains the market leader, its market share rose from 22.3% five years earlier to 18.2% in 2017, while Kohl's out-of-the-box concept of its won on the ground, its market share having increased by about 1 percentage point to 18.1%. the same period, Euromonitor data show.
A study by JLL last year showed that American consumers had more space in department stores than their counterparts around the world, echoing other studies showing that the surface of Per capita shopping of US consumers is far superior to that of their counterparts in other developed countries. In the United States, 46% of gross leasable area in shopping centers was allocated to department stores, followed by the United Kingdom at 27%, according to the JLL study.
Like other retailers, Macy's doubles its spending on mobile apps and other technology spending. On Wednesday, online sales continued to grow at double digits and mobile sales are expected to reach $ 1 billion this year. Macy's has also set up a mobile scanning and payment service that allows customers to bypass the payment line.
The company has added virtual virtual mirrors to some stores, allowing buyers to see what beauty products look like without trying them. And some of its branches have virtual reality stations that allow customers to play with the appearance of furniture in their homes, a decision that would both increase furniture sales and reduce returns. The company also indicated that it also uses data analysis to facilitate inventory planning and reduce discount sales.
Macy's reorganized its loyalty program and made it available to all buyers, regardless of the method of payment for their purchases, which attracted new customers.
With the retail sector increasingly seeking the help of all kinds of startups, Macy's has a stake in Silicon Valley's start-up b8ta, which is located in its flagship New store. York and use its technology to develop the ephemeral shop of Market @ Macy. concept. Macy's also bought Story, famous for its New York store that generates traffic by regularly hosting different brands with unique themes. Macy's stores will begin to see the work of Story founder Rachel Shechtman, who has been named "brand experience manager" at Macy's to help replicate a store experience similar to Story's, Gennette said. .
"We are really focused on the experience," he said. This is one of the things we have been doing a lot of things against. It's a table issue.
For example, for the holidays, Macy's flagship product in New York has a 250 square foot "experiential space" in its ground floor beauty department. – in the words of the company, offer "the perfect time for Instagram".
But how fast – and at what price – Can Macy's bring some of these potential driving experiences to the rest of its store fleet?
Linked to Forbes: Macerich facilitates the opening of physical stores by online brands
Forbes Related: US Shopping Center Vacancy Rate Reaches Seven Year High
About Forbes: 7-Eleven Expands Mobile Scanning Service and Payroll Service
