Macy’s Makeover for Millennials
Posted On October 25, 2012
Macy’s, the venerable department store giant, is launching 13 new clothing brands and expanding 11 others to appeal to Millennial shoppers. Macy’s CEO Terry Lundgren predicts Millennials will be “the single biggest purchasing group, bigger than the Baby Boomers,” and declares, “We must be the place of choice for this consumer.”
As we’ve suggested here, Millennials can be divided into two distinct groups and so, smartly, some of Macy’s new brands will be targeted at consumers aged13-22 and others at those aged 19-30. Macy’s estimates that Millennials can spend at least $65 billion annually on department store retail fashion, alone.
Some of the new brands include one named for Marilyn Monroe, one based on classic sneaker brand Keds, another based on skateboard brand Plan B, and an aspirational brand called Argyleculture. Some of these, and the expanded brands, will be featured in in-store shops. Macy’s chief merchandiser describes this as just the “first phase” of their “Millennial strategy.”