MACY’S TO LAUNCH CURATED DIGITAL MARKETPLACE

Macy’s said on Thursday that it plans to launch a curated digital marketplace to build on the company’s existing omnichannel operation. The new marketplace will significantly expand the department store’s assortment in existing categories and brands and introduce a range of new categories, by enabling carefully selected third-party merchants to sell their products on macys.com and bloomingdales.com.

“Today’s announcement is an exciting next chapter in our digital evolution,” said Matt Baer, chief digital and customer officer at Macy’s, Inc. “The marketplace platform will further accelerate our Polaris strategy and unlock new opportunities for sustainable and profitable growth. Our digital business is targeted to generate $10 billion in sales by 2023, and we expect the new marketplace platform to produce incremental revenue on top of that target. The marketplace platform will enable us to expand our assortment at a low incremental cost, while giving Macy’s customers easy access to even more product selection to meet their diverse needs.”

Macy’s, Inc. is partnering with Mirakl, an enterprise marketplace technology company, to power the platform. In addition to extensive industry experience in marketplace growth, Mirakl brings dynamic platform capabilities that will seamlessly integrate into Macy’s and Bloomingdale’s architecture and allow for evolving strategies over time. Mirakl’s seller tools will enable sellers to easily monitor, drive and grow their businesses within Macy’s curated parameters.

“To be a retail leader in today’s economy means balancing two imperatives: staying true to the trusted brand DNA that your customers value, while also anticipating and rising to meet their evolving expectations,” added Adrien Nussenbaum, co-founder and co-CEO of Mirakl. “It’s a pleasure to partner with Macy’s, a retailer that both understands the potential of marketplaces to positively transform a business and has the vision, ambitions and strategy to fully reap the benefits.”

The marketplace platform is expected to launch in the second half of 2022.