Contesting a changing retail environment and consumer behavior, the next proving ground for Macy’s is Fort Worth.
Macy’s opened its first-ever “Market by Macy’s,” a 20,000 square-foot retail store at Southlake Town Square on Thursday, Feb. 6. The next one would be opening soon in Fort Worth, according to Macy’s.
The new format focuses more on customer experience and social engagement, with a unique range of product and service offerings. Market by Macy’s is a retraction from its much-larger, familiar mall locations.
The new store concept offers curated local and international brands, spaces for community events and a cafe and bar.
During Macy’s Investor Day meeting on Feb. 5, Macy’s chairman and CEO Jeff Gennette revealed the company plans to open two Market by Macy’s stores in the Dallas-Fort Worth metroplex.
The first one: the now-open Southlake location. The other one will open in WestBend, a large mixed-used development in Fort Worth’s University District.
A major redevelopment project is currently underway at WestBend. Upon completion, the development will have 670,000 square-foot of retail, restaurant and office space and as well as a boutique hotel.
“Based on how our digital business is distorted by zip code, along with our brick and mortar presence, we know this new store footprint will provide a lift to our ‘dot com’ business, creating more of that high-value omnichannel customers,” Gennette said at the meeting.
Market by Macy’s has new in-store concepts for customers to enjoy, apart from merchandise sales.
An in-store cafe called Herald serves breakfast, lunch and snacks daily as well as beer, wine and cocktails. Getchell’s Apothecary, a beauty shop that offers more than 80 beauty brands, occupies 1,000 square-foot of space inside the new Macy’s location in Southlake.
“We believe that retail should tell a story and customers should find the joy in shopping,” Rachel Shechtman, Macy’s brand experience officer, said in a statement.
“Market by Macy’s is a community-driven destination where the Dallas-Fort Worth shopper can shop, eat, drink, learn, relax, catch up with friends and so much more. Market by Macy’s is a gathering place for all that’s good and where brands you love meet fresh faces and local friends,” she added.
The event spaces at the new concept locations will accommodate various community-driven programming – from cooking tutorials and book signings to crafting and fitness classes. More than 20 new events and experiences are expected each month.
Macy’s is relying upon the success of the new store concept as the department store chain begins a strategic reset to yield profitability again.
Macy’s earlier this week announced it will close approximately 125 stores in underperforming malls in the next three years.
The company also closed its offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters. The result is expected to cut about 2,000 corporates jobs.
The new Market by Macy’s concept and the cost-saving measures are expected to save Macy’s almost $1.5 billion by 2022.
A part of the new strategy, Macy’s will close at least three locations in the metroplex in the next two years. Macy’s location at Golden Triangle Mall in Denton, Music City Mall in Lewisville and Irving Mall near DFW Airport are slate for closure.
Macy’s did not reveal a timeline for the new Fort Worth store.