Macy’s, the US fashion retailer, has said that it hopes to see robust growth in its home textiles segment this year.
The strong trends in home merchandise have been holding up in the first quarter and substantiating on the same, Jeff Gennette, Chairman and CEO, Macy’s said that sales are still on the rise in home décor, tabletop and housewares.
Speaking at a recently concluded virtual summit, Jeff added that soft home segment had an amazing double-digit 2020 with strong growth expected in 2021 too.
Yes, there is speculation whether home textiles will be able to match its 2020 performance; however, Jeff believes it will not fall to 2019 levels either.
The home sales, according to Jeff, will make up 18 per cent of the overall business – and if that happens, then it will be 16.5 per cent jump from what it was in 2019.
Here it is also imperative to state that new customers too may help increase sales.
The retailer has been netting up 500,000 to 700,000 new Bronze loyalty card members this year (each month since January). Consequently, the number has touched 12 million today.
What’s worth noting here, as per some media reports, is that 38 per cent of the aforementioned 12 million fall into the under-40 age group, with their spending being around 13 per cent higher than what it was in 2019.
It will be interesting to see how much Macy’s gains from the home textiles segment this year.