Why Macy's Is Up 10% This Week
Shares of department store chain Macy's (NYSE: M) are up 10.2% for the week as of mid-day Friday, mostly in response to reports of an expanded strategic partnership and an acceleration of a growth initiative unveiled more than two years ago.
Macy's shoppers will see something distinctly new in all of its stores before the end of the year. On Monday, the company announced it is widening its existing partnership with WHP Global to open Toys "R" Us shops within every Macy's store by mid-October.The last stand-alone Toys "R" Us store was shuttered in early 2021, although Macy's has been leveraging the beloved brand since the latter part of last year with in-store shops in select locations.
Then, on Wednesday, Macy's announced it will be building four new stores this fall at sites other than traditional malls. The planned Market by Macy's as well as its Macy's Backstage stores are smaller stores than the chain's typical department store and are typically found at strip malls, or open-air malls. These locales are often more convenient to shop than sprawling indoor malls if for no other reason than they're frequently found nearer consumers' homes.
Source Fool.com
