CoStar announced Macy’s would be reducing its mall and stand-alone locations to 15,000 square feet with curated merchandise to win back shoppers. In the Southlake, Texas location, where the primary age group of shoppers is 40 years old, Macy’s will offer the popular sold items as well as introduce locally crafted products for a neighborhood feel.
The size reduction and customized merchandise are not the only new features Macy’s plans to introduce. In addition, they plan to add more focus to online order fulfillment, offer craft classes, book signings, and wine tastings, along with serving meals throughout the day and flexible office spaces within their stores.
“The task was to create a new retail experience where we can test, learn and innovate,” said Macy’s senior vice president, Michelle Israel.
On February 4th, 2020, Macy’s announced their new strategy to increase company growth and stabilizing probability, including right-sizing numerous locations.
As discussed in Retail Development Trends in the Fall/Winter 2019 publication, DFW has specifically been experimenting with new concepts and trends, such as reduced sizes in store locations. DFW led the nation in absorption with 4.1 million square feet, according to CoStar. And other big-name tenants like Target, Kohl’s Nordstrom, and DGX are following suit in reducing store sizes. To catch up on DFW retail development trends, click here.
In the Reviving Big Box article, research reveals retailers are shifting priorities. Walgreens and CVS Health both are making efforts to bring back shoppers with new approaches including store closings, lease evaluations, and new in-store offerings.