Macy’s has launched The Market @ Macy’s, a pop-up marketplace concept that curates more than a hundred brands on a two-week rotation at nine Macy’s stores for the holiday season. The company will add more locations towards the end of the month. The brands range from apparel, accessories and beauty to home decor, technology and more.
The Market @ Macy’s is just one of several experiential concepts the retailer has rolled out to drive in-store traffic. The company recently announced plans to use virtual reality to boost furniture sales. It will pilot the experience in two of its stores by the end of November.
According to Neil Saunders, managing director of GlobalData, the department store chain is showing signs of recovery. Macy’s recently reported good sales numbers in the quarter and a growing number of people say they plan to visit the stores, suggesting the retailer is succeeding in creating stronger appeal.
Macy’s yesterday posted healthy sales growth for the quarter ending November 3 with same-store sales seeing a 3.1 per cent increase. Including licensed departments, the figure increased 3.3 per cent.
Total sales rose 2.3 per cent to US$5.4 billion. Net income more than doubled to US$62 million from US$30 million a year earlier, boosted by asset sales, higher credit income and lower taxes.
Company CEO Jeff Gennette said the recently improved results showed that turnaround plans are working.
The department store chain has been investing in a group of stores it calls ‘magnets’, adding new lighting, fixtures, a better assortment of merchandising and technological innovations to its locations, while experimenting on shrinking other less promising stores.