Why Retailers Are Prioritizing Private Label

Macy’s CEO Jeff Gennette kicked off ShopTalk with a keynote that, among other things, reaffirmed a goal to boost private label up to 40% of the assortment. As the company transforms the business, it, like many others, has discovered that exclusivity is more important than ever. On a panel moderated by Retail Dive Senior Editor Laura Heller on Monday, Molly Langenstein, general business manager of Ready To Wear at Macy’s, further outlined the five big reasons for the company’s private label push: Declining store traffic, increased consumer interest in off price, competitors growing private brands to protect market share, Amazon focusing on its own apparel lines and “retailization” — or more direct-to-consumer businesses. To Langenstein, the strategy is all about honing in on consumer lifestyles, fashion, consumer insights and speeding up supplier innovation. Read more at Retail Dive.