Macy’s, the reputed fashion retailer based in the US, has, reportedly, decided to delay its plans of closing down 125 stores.
Substantiating more on the same, the retailer said that physical location have proved integral to digital and bricks-and-mortar sales.
Besides, the American retail stalwart also announced that it will be launching a third-party marketplace in the second half of 2022. The focus will be on serving the customers of Macy’s and Bloomingdale.
Launching a third-party marketplace seems to be the order of the day as one saw many retail bigwigs, including Amazon and Walmart, employ this business tactic lately.
Macy’s move to delay store closures and launch a third-party marketplace has come in the wake of the retailer witnessing its Q3 net sales increase by 36.3 per cent to US $ 5.4 billion. Notably, the jump was 5.2 per cent from what it was back in 2019.
Macy’s CEO Jeff Gennette believes that the curated digital marketplace will help the retailer further enhance its e-commerce expansion plans.
He also said that the third-party marketplace will not only help Macy’s grow digital efficiencies faster and bring more profits, but also help get more depth and breadth of assortment.
Macy’s is known for apparels, footwear, fashion accessories and bedding, amongst others, and earned annual revenue of US $ 24.8 billion as of 2017.
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