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Macy’s Rep as a Low-Cost Alternative to Luxury Department Stores Could be its Savings Grace

Macy’s Inc. is finding new hope in off-price.
A report this week by consumer insights platform GroundTruth said the chain— which had its own bout of softness for the better part of two years — is currently thriving as higher-end department stores struggle.
“While the department store category was down overall in Q2 foot traffic, [Macy’s] bucked the downward trend — [increasing] their share of department store visitors in Q2, while their primary competitors lost foot traffic share,” the researchers wrote in the report, which analyzed store visits across retail for the second quarter. “Despite the recent wave of store closings, Macy’s reputation as a lower-cost alternative to brands like Neiman Marcus and Saks Fifth Avenue may allow them to ride the wave of off-price retail momentum.”
In the face of digital disruption, Macy’s in August 2016 announced its plans to shutter 100 doors and lay off more than 10,000 workers. Now, as it — and many of its peers — claws its way back to consistent profitability, the company is likely taking a page from successful discount sellers like Marshalls and TJ Maxx, which have stayed healthy despite digital competition.
“Amidst the news of department stores closing their doors, several retailers are starting

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Via:: https://footwearnews.com/2018/business/retail/macys-discounts-backstage-deals-off-price-1202657944/