Macy's Inc M has unveiled an accelerated expansion of its small-format store strategy, potentially tripling the total number of its small-format stores through fall 2025.
The company will open up to 30 new small-format locations nationwide starting from 2024.
The expansion is in addition to the nearly 15 small-format Macy's and Bloomie's locations that the company currently operates.
"Our small-format stores are efficient to operate, provide the customer with a shopping alternative within our omnichannel ecosystem and present a unique opportunity to target high-traffic shopping centers," said Adrian Mitchell, chief operating officer and chief financial officer for Macy's.
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"Our small-format strategy is one way we intend to harness the full power of the Macy's brand to deliver sustainable, profitable sales growth for Macy's, Inc. beginning in 2024."
Year-to-date through spring 2023, Macy's small-format stores open for more than one fiscal year have achieved positive comparable owned plus licensed sales growth.
Price Action: M shares are trading lower by 1.34% at $11.40 on the last check Tuesday.
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