The move comes as malls continue to see low foot traffic as a result of the Coronavirus.
The department store is planning to trial a smaller format for its stores that are outside of mall locations as well as announcing plans to also roll out Bloomingdale’s stores outside of mall locations. Furthermore, the brand intends to grow their off-price business, Macy’s Backstage.
Nearly eight months ago, Macy’s announced that it would be shuttering 125 stores over the next three years and despite this new announcement, the company still plans to reduce its portfolio but may adjust the timescale in which this takes place.
The brand remains optimistic, saying “We continue to believe that the best malls in the country will thrive. However, we also know that Macy’s and Bloomingdale’s have high potential off-mall and in smaller formats.”
Macy’s is not the first retailer to trial a smaller format for its stores, Target has also tested small-format stores and have seen much higher returns on investment.
