Macy's Continues Aggressive Off-Price Expansion
After losing market share to off-price retailers for years, Macy's (NYSE: M) decided back in 2015 to develop its own off-price concept: Macy's Backstage. Since then, it has grown Backstage to more than 270 locations across the U.S.
Last week, Macy's confirmed that it will continue expanding the Backstage concept at a rapid pace in 2022. Let's take a look at the iconic department store chain's plans.
After initially testing stand-alone off-price stores in 2015, Macy's shifted its focus to opening Backstage shops within full-line Macy's stores in 2016. Following a successful pilot, the company decided to roll out the concept broadly beginning in 2018.
Source Fool.com
