Macy's, famous for being big, is shrinking stores [CBS News]
Macy's Inc (M)
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Source: CBS News
Macy's, famous for being big, is shrinking stores Macy's, once billed as "the world's largest store," is betting that smaller is better. The famous retailer is shrinking some of its stores, cutting down on their square footage as consumers increasingly shift to online shopping. The company didn't disclose which stores will be cut down, but said it plans to disclose more details next year about what it calls its "neighborhood stores." "We're currently testing four different investment models for our neighborhood store that are aimed at increasing shopping ease and convenience, including more self-service options. In 2019, we will test and iterate until we land on the right formula to scale the neighborhood stores in our fleet," said chief executive Jeff Gennette on a Wednesday conference call to discuss the company's latest financial results. The company is segmenting its stores into three types of shops: the smaller neighborhood stores; its flagship, such as its original store in New
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