Macy’s Continues Backstage Push Into Full-Line Stores
Macy’s is continuing to push the roll out of its off-price Backstage concessions, on Tuesday unveiling its Wauwatosa, WI location, the Milwaukee Journal-Sentinel reports. The 20,000 square foot space, taken from its intimates and children’s clothing departments, now features small batches of varied merchandise. The department store hopes the small quantities and high turnover will drive more frequent visits, Macy’s media relations manager Carolyn Ng told the Journal-Sentinel. Meanwhile, last week CEO Jeff Gannette bought more than $300,000 worth of Macy’s stock at $22.94 per share and Macy’s director William Lenehan bought more than $100,000 worth at $22.71 per share, according to separate form 4 filings with the Securities and Exchange Commission, leading some observers to speculate whether the struggling retailer’s stock, which has fallen precipitously in recent years, has hit bottom. Read more at Retail Dive.
