Macy’s was buffeted on all sides in the third-quarter, with e-commerce growth ebbing and its stores in lesser malls under-performing significantly.
Executives repeatedly expressed confidence in their “store segmentation strategy,” which entails three individual approaches to growth: one for about 10 flagships (including its iconic Herald Square store in New York), another for 150 growth stores (about half its business) and the third for its hundreds of “neighborhood” stores. They also said that the Backstage off-price effort is now at scale and “continues to exceed expectations, very much driven by locations open for more than a year up mid single digits.”
