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Macy’s, Inc. (NYSE:M) is trying a new strategy that is aimed at attracting millennials through it’s a new partnership with Etsy Inc (NASDAQ:ETSY).
This new strategy is an effort by Macy’s to do things differently especially after facing a bad year in terms of sales. The involvement of Etsy is expected to attract more customers especially through changes that are in line with the latest shopping trends.
The New Etsy store is situated in the basement of Macy’s large basement at the Herald Square. The shop is a major move for Etsy, which is an online marketplace for crafts and homemade items. Additionally, the new Etsy shop will offer 57 items selected by Macy’s customers. The products will include jewelry, home items, and stationery. The company will change the categories every on a two-month basis.
This strategy points to a new direction for Macy’s because it now offers more to customers other than apparel which has been its primary focus. This is however not the first time that the company is opening its doors for other retailers. Finish Line is one example of the in-store shop that the company hosted in the past.
Macy’s has also been testing out Best Buy shops in some of its stores. This will enhance the variety by including consumer electronics. The company plans to add more Best Buy outlets to more of its locations. Macy’s announced that sales in January had dropped by 5.2% compared to sales during the holiday season. The company claims that this decline in sales is one of the reasons why the firm plans to boost its customer base.
Macy’s recently revealed a “One Below” shop that was launched last year in a 53,000 square foot area in the basement. The shop targets millennial shoppers. It stocks different products including technology products, House music, food, cosmetics, and accessories. The partnership with Etsy is expected to help both firms attract more customers.