Macy’s is betting malls will make it. But only the best malls. And so it’s looking to grow elsewhere.
“We continue to believe that the best malls in the country will thrive,” Chief Executive Jeff Gennette told analysts Wednesday. “However, we also know that Macy’s and Bloomingdale’s have high potential [off]-mall and in smaller formats.”
The department store chain is planning to test several, smaller Macy’s stores outside of shopping malls, as well as a Bloomingdale’s store off-mall, the CEO said. It is also still looking to grow its off-price business through Macy’s Backstage.
