Macy’s Inc. is betting big on going small, with plans to open up to 30 new small-format locations across the country in 2024. The planned expansion is in addition to the nearly 15 small-format stores that the retailer already operates. Macy’s had announced plans in August 2023 to open four small-format stores in the late summer and fall, and the third Bloomie’s small-format store will open in Seattle in November 2023.
Additionally, beginning this year, new Macy’s small-format stores will operate under the Macy’s banner; they had previously been named Market at Macy’s.
The stores are approximately one-fifth the size of Macy’s full-line stores andfeature a curated, localized selection of products, including both Macy’s private brands and market brands. The off-mall stores, one of Macy’s five growth vectors, play a pivotal role in the company’s omnichannel strategy to expand in existing markets, in some cases by replacing stores that may not be as productive, as well as entering new markets.
“Our small-format stores are efficient to operate, provide the customer with a shopping alternative within our omnichannel ecosystem and present a unique opportunity to target high-traffic shopping centers,” said Adrian Mitchell, COO and CFO of Macy’s Inc. in a statement. “Our small-format strategy is one way we intend to harness the full power of the Macy’s brand to deliver sustainable, profitable sales growth for Macy’s Inc. beginning in 2024.”