Macy’s is getting into the ‘social enterprise’ business
Posted On July 15, 2021
NEW YORK — Macy’s Corp. is in talks with a social enterprise to sell products like cleaning supplies, furniture, clothing and electronics, people familiar with the matter said.
The retailer has been exploring social enterprises to sell its products, which can range from products for the elderly and people with disabilities to services to help small businesses.
The company is exploring the idea of buying and selling through a social-enterprise platform, the people said.
Macy’s, based in New York City, is one of the biggest retailers in the world.
The social-entrepreneurship concept is not new for Macy’s.
In 2013, the company started using the term “small business” to describe a group of its smaller stores, where it has grown from around 500 stores in 2013 to more than 2,600 today.
In the past year, the chain has focused more on social entrepreneurship and is trying to increase sales by providing a variety of services to its customers.
Last month, Macy’s announced plans to build a new flagship store in Chicago, which will be built on the site of its old Macy’s department stores.
Macy’ts chief executive, Peter H. Garofalo, told analysts on a conference call last month that the company will focus on increasing sales by offering discounts on its products to customers and by using its network of more than 800 stores to help customers find more affordable options.
The people familiar said Macy’s was not yet finalizing an initial deal with the social enterprise.
Macy`s has not responded to a request for comment.
In January, Macy`S launched a “sophisticated shopping experience” called the Macy` s Homegrown experience, which allows customers to browse the store’s products and make their own shopping decisions.
The Homegrown program was developed in partnership with social entrepreneurs like Mr. Garoffalo, who has led the company since 1999.
The program is designed to connect customers to retailers that sell similar products.
Macy is one such retailer, with more than 8,000 stores across the U.S. Macy was founded in 1892 by an immigrant named Frank Lloyd Wright, who was inspired by the architecture of his native Germany, and his wife, Florence, who opened their first store in New Haven, Conn.
Macy stores were first established in the U, the United Kingdom and France.
Macy has had several successful online and brick-and-mortar stores, but the chain’s stock fell significantly last year as it tried to compete with Amazon.
The online store had been a profitable business, but in recent years, it struggled to gain traction and its online business has taken a hit as Amazon.com has gobbled up more and more of the online shopping market.
Macy shares fell as much as 6.4% in trading Thursday.
Macy, which is a subsidiary of Wal-Mart Stores Inc., has about 15 million customers in the United States and more than 6,000 worldwide.
Macy said in January it would expand its online store offerings, including offering more products online and offering online delivery.
The move was aimed at attracting more shoppers who shopped online at stores that offered more discounts.
Macy also launched its first e-commerce service, MacyCare, last month.
The new platform, Macy Online, will offer discounts on all its merchandise, including products at Macy’s stores, online and in-store.
MacyCare is the second-most-popular online shopping service in the country and a way to sell items at Macy` t.com store, a service that is now offered by Amazon.
Macys has also started to build its own online store in partnership w its rival department store chain, Target Corp. It opened its first online store, at its headquarters in New Jersey, in 2009.
Macy will also open a second online store at its stores in New Brunswick, N.J., later this year.
Macy plans to use the online platform to help sell its merchandise and to help other retailers sell their merchandise, the person familiar with Macy` c said.
In a blog post, Macy said it would also be launching a third online store this year in San Francisco, with an aim to increase its sales.
The person familiar said the Macy’s online store would be called Macy` d Online and would be staffed by people who already work for Macy` re.
In addition to Macy, Macy also has several other online retailers in Canada, including Target Canada Inc., which is based in Mississauga, Ontario, and Homegrown.