Along with a correction to its massive U.S. physical store footprint (which involves shuttering at least 100 stores), the company under CEO Jeff Gennette is aiming to foster the treasure-hunt mentality that has stoked the success of off-price retailers like T.J. Maxx. To that end, Macy’s is incorporating its nascent Backstage unit into its stores (in stark contrast to Nordstrom, whose off-price Rack stores are distinct from its full-line Nordstrom stores) and revamping shoe sales to “open-sell” racks reminiscent of off-price stores.
It’s also not clear whether these efforts have legs, though Howard Davidowitz, chairman of New York City-based retail consulting and investment banking firm Davidowitz & Associates Inc., says Gennette needs some space and time.. . . more