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Macy's, Bloomingdale's plan to create standalone stores

2 weeks 5 days 4 hours ago Thursday, September 03 2020 Sep 3, 2020 September 03, 2020 12:42 PM September 03, 2020 in News
Source: WBRZ News

Longtime mall department stores Macy's and Bloomingdale's have announced that they will start creating more standalone stores.

On Wednesday Macy's CEO Jeff Gennette said that the company will begin to experiment with smaller stores outside of traditional malls in Dallas, Atlanta and Washington D.C.

According to Good Morning America, the company also has plans to create more Market by Macy's concept stores and to continue growth efforts for Macy's off-price Backstage.

“We continue to believe that the best malls in the country will thrive," Gennette said in a statement. "However, we also know that Macy's and Bloomingdale’s have high potential [off]-mall and in smaller formats."

In March, Macy's announced that they would stop paying around 130,000 employees as stores nationwide struggle with the coronavirus crisis and temporarily closed 500 of its stores.

In August, one of the country's oldest department store chain, Lord & Taylor, revealed that the company was going out of business after filing for bankruptcy.

Victoria's Secret and JCPenney have also filed for bankruptcies this year due to the impact from the coronavirus pandemic.

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