Macy's is looking to get out of the middle of the retailing road with a plan to add more upscale merchandise at its top 150 stores.
Karen Hoguet, Macy's chief financial officer, told analysts on the company's first quarter earnings call, that it was looking to "elevate the assortment consistent with the customers in those stores."
Ms. Hoguet said the chain already stocks stores based on local preferences as part of its "My Macy's" initiative, so it sees the move to more upscale items at the top 150 locations as an intensification of the approach. Thirty "platinum" stores will not only get more upscale goods, but will have fewer clearance items as the department store brings in fresher merchandise to fill its racks.
Macy's has already made changes at its Herald Square flagship store that reflect the type of approach it is taking at the other 149 locations, according to a Fortune report. The New York City store includes a new hall of luxury brands including Louis Vuitton and Long Champ as well as a Coach boutique. The store also boasts it operates the world's biggest women's shoe department.
Photo: Macy’s
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