Lights shine near a closed Macy’s Herald Square while people stay home to help stop the spread of the coronavirus in New York City on March 29, 2020.
Noam Galai | Getty Images
Macy’s Betting malls will make it. But only the best shopping malls. And so it wants to grow elsewhere.
“We continue to believe that the country’s best malls will thrive,” Chief Executive Jeff Gennette told analysts on Wednesday. “However, we also know that Macy’s and Bloomingdale’s have great potential [off]-small and in smaller formats. ”
The department store chain plans to test several smaller Macy’s stores outside of malls as well as a Bloomingdale store outside of the mall, the CEO said. It also continues to seek to grow its off-price business through Macy’s Backstage.
In February, before the pandemic strike, Macy’s announced this planned to close 125 stores over the next three years. Gennette said Wednesday that those plans still haven’t changed. However, he said Macy’s is closely monitoring its competition and can adjust the store closure schedule as needed.
Macy’s ended the second quarter with 771 stores including Bloomingdale’s and Bluemercury.
Macy’s shares rose more than 5% on Wednesday morning after the retailer reported a loss that was less than expected. and increased sales thanks to a boost from online business.