Macy’s is making moves. It’s expanding its Toys R Us shop-in-shops to every Macy’s location and will open four smaller-format off-mall stores this fall.
Here’s what else Macy’s got in store:
$5.6 billion: Macy’s net sales for the second quarter of 2022, down slightly year over year (YoY). The company saw the strongest growth in occasion-based categories, including career and tailored sportswear, fragrances, shoes, dresses, and luggage.
5%: The decrease in Macy’s digital sales YoY. Digital penetration was down as well, falling 2 percentage points to represent 30% of net sales. In Q3, Macy’s plans to launch a digital marketplace in partnership with Mirakl, which should help boost digital sales.
29.5 million: Active members belonging to Macy’s Star Rewards program, making up about 70% of the total Macy’s brand sales, up 5 percentage points YoY.
15%: The increase in viewers of Macy’s live shopping events from Q1 2022. The company has had about 180 events, which are recorded and live on the retailer’s website.
$30 million: The approximate amount Macy’s media network generated in the second quarter, a 60% increase YoY.
5–6: The number of off-mall locations Macy’s plans to open in 2022. The stores will be a mix of Macy’s, freestanding Backstage, Bloomie’s, and Bloomingdale’s the Outlet brands.
$1 billion: Macy’s annual sales opportunity as a result of its Toys R Us partnership. The partnership has boosted Macy’s sales three times that of last year’s. In addition, 87% of Toys R Us customers cross-shopped categories.
Why we care: Macy’s efforts make it clear it wants to be omnipresent in consumers’ lives, wherever they are, whatever device they’re using, and whatever they may be shopping for. But if the brand can’t create a seamless experience between all of its properties, customers may ditch it for the path of least resistance.
This was originally featured in in the Retail By the Numbers newsletter. For more retail insights, statistics, and trends, subscribe here.
