Macy’s details expansion plans, hints at real estate deals
Macy’s is continuing its expansion into off-price and specialty retailing.
On Tuesday, the department store retailer said it will expand its off-price Macy’s Backstage format in 2016, opening one freestanding location and 15 in-store locations in traditional Macy’s stores.
On the specialty store front, Macy will open approximately 42 Bluemercury beauty stores, with 24 freestanding locations and 18 in-store shops in Macy’s stores.
In addition, Macy’s will open a full-line store, in Kapolei, Hawaii, in 2016.
The company also said it has started contacting potentially interested parties for partnerships or joint ventures for its flagship and mall-based properties. Macy's said there was "a high degree of initial interest" among parties it had approached, but did not give further details.
Looking ahead, announced new stores in future years include a Macy’s in Murray, Utah, opening in 2017; a Macy’s replacement store in Los Angeles, in 2017; and Bloomingdale’s in San Jose, California, in 2017, and Norwalk, Connecticut, in 2018.
In addition, a new Bloomingdale’s store is expected to open in 2017 in Kuwait, and new Macy’s and Bloomingdale’s stores are planned to open in Abu Dhabi, United Arab Emirates, in 2018 under license agreements with Al Tayer Group.
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