Macy’s [fortune-stock symbol=”M”] is fighting back against T.J. Maxx’s encroachment on its turf, finally launching a chain of smaller-format discount stores of its own.
The retailer, best known for its 100,000 square-foot department stores, said on Monday it would open the first four pilot “off-price stores”, to be called Macy’s Backstage, in the New York area in the fall. In January, Macy’s had said it was planning to open off-price stores but gave no details.
The Backstage stores will be about 30,000 square-feet in size, roughly the same as the average T.J. Maxx or Marshalls store, and will sell clearance goods from Macy’s 800 department stores, along with merchandise from top brands made specifically for the Backstage stores though at a fraction of their typical price.
Since the recession, off-price chains have been one of retail’s fastest growing area as shoppers gravitate toward designer brands at big discounts to department…
I was interested to hear about the expansion of Alexander McQueen, which is one of Kering small clothing brands. This is due to the expansion of its store network and its big focus on leather goods, neither of which are surprising to me. Despite a difficult economic position for luxury brands, Alexander McQueen is looking to double its number of stores. This is great to see a renowned company to increase its profitability and still evolve itself.
Article can be found: http://uk.fashionmag.com/news/Alexander-McQueen-to-double-in-size-under-Kering,542665.html#utm_source=newsletter&utm_medium=email
I always like to hear of ways retailers move with the times and innovate their brands, its especially more interesting when companies return to their roots to sustain sales. Mulberry has returned to lower price points in order to boost sales, which I proving promising at the start of this financial year.
Mulberry on Rue Saint-Honoré in Paris
The company is renowned for its classically styled leather bag, however the lacked the ability to move further upmarket by selling products over £1000. This failed to appeal to their customer base, therefore they lowered their exit price point – “I think the figures show the strategy we have been adopting is working, regaining our core UK customers,” Chairman Godfrey Davis said. He stated 66 percent of SS 2015 bags were now priced under 1,000 pounds versus 45 percent in 2014. It seems the CEO has chosen to emulate this strategy to Mulberry’s shoes and RTW collections.
Article can be found here: http://uk.fashionmag.com/news/Mulberry-s-return-to-its-roots-helps-sales-after-profit-plunge,539610.html#utm_source=newsletter&utm_medium=email
I remember being at school hearing about Vivienne Westwood’s Made in Africa project, which at the time was a more innovative and fresh way of working. Working in an ethical manner was well and truly underway, however 5 years later, despite more work which can still be done, ethical fashion in company’s is much more common.
It’s great to see Westwood celebrating 5 years doing this, and will continue to support and improve the lives of Kenyan artisans – therefore creating more internationalisation within the industry!