Macy’s middle-ground price points are causing the retailer to suffer in a world where consumers gravitate towards super discounted goods or pricier high-end stores. But that could change now that Macy’s is planning to uplift the merchandise in about 150 of its top “platinum door” stores. In addition to redesigning, hiring more employees and embracing tech, Macy’s will add high-end wares to help elevate the product selection in these locations in hopes that the new additions will boost sales before the holiday rush. Fortune mentions that the retailer’s Herald Square location is already carrying pricey brands like Louis Vuitton, Gucci and Burberry, and may remove some clearance items from a few other locations to make way for newer products.
Forbes also notes that Macy’s is having trouble engaging millennials, which is an important demographic to reach. It is hard enough to get millennials into department stores in the first place and Macy’s needs to come up with new strategies to engage this audience, especially with fast fashion retailers like H&M in the game, whose low prices and stylish options are attractive to shoppers.
Macy’s is hoping to see a change in sales by the fourth quarter. Let’s see if elevating its product options will help meet this goal.
