According to a study from First Insights, a pricing technology solutions firm, bargain hunting is having a big effect on retail prospects today, with 45% of women who responded to a survey stating that they must see a markdown of 41% or greater to even enter a store today.
After detailing a plan to reorganize its operations, Macy’s announced less than happy holiday season results, with comparable sales on an owned-store plus licensed basis declining 2.1% in the 2016 November/December season year over year. Comps at owned locations slipped 2.7%.
Macy’s has named Cheryl Heinonen evp/corporate communications, effective January 9, 2017.
Macy’s is looking to leverage its real estate assets as it plans a turnaround from softer sales and earnings.
Macy’s has sold five stores to General Growth Properties. The sale is part of the retailer’s previously-announced plan to drive profitable growth by reallocating investments to its highest growth potential stores and digital businesses, and to capitalize on opportunities within the company’s real estate portfolio.
According to a Moody’s Investors Service sector in depth report, off-price retail’s ability to deliver major label brands at significant discounts to value-hungry consumers will continue to provide a leg up on the competition, with the home business making a contribution.
For the upcoming Halloween season, Grandin Road, an online retailer owned by HSNi, is teaming up with Macy’s on a promotion and pop up shop.