Macy's Bringing a Story to Its Stores

In today's digital world, brick and mortar stores need to bring their A-game to survive and thrive. Department stores have been going out of business left and right lately, as consumer shopping habits have changed drastically thanks to online shopping. (On a side note, you can read more about this trend in our previous article and the effect this is having on our sense of retail therapy.) It's a challenge to get customers physically into stores, let alone keep them coming back. Which is why Macy's recent acquisition of a single retail store, Story, is interesting and smart.

If you haven't heard of Story - and it's likely you haven't unless you live near Manhattan where it's located - it's a unique retail concept founded by Rachel Shechtman. The innovative store works on cycles. Every few months, inventory completely changes and a new theme is introduced with all new products corresponding to the new theme. This makes shopping fun for the consumer, as the constant changes keep customers coming back to see what's new. Every theme tells a story, and every story is a new way to engage and attract new customers. Story makes revenue not only by the products being sold, but by offering companies the chance to sponsor themes via advertising.

Known for several firsts in the industry, Macy's isn't afraid of innovation. Macy's was the first retailer to promote a woman to an executive position, to incorporate a one-price system, to quote specific prices for goods in newspaper advertising, and to hold a New York City liquor license.

The recent acquisition of Story is exactly the kind of fresh, forward-thinking idea that could really help shake things up at Macy's. It's too early to tell if it will be a success, but it will be fun to watch how Macy's incorporates this concept into its stores. You can read more about it in this Forbes article.

 

Photo Credit: CC BY-SA 4.0, from Wikimedia Commons




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