Macy's to Test Off-Price Stores in NY
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Macy’s is taking steps to combat the rise of discount stores. The chain announced plans to open four pilot ‘off-price stores’ in the New York area. The stores will open in the fall and be called Macy’s Backstage. Off-price chains such as T.J. Maxx feature designer brands at discount prices and have been one of the fastest-growing areas in retail, Fortune reports. All four pilot stores will be located near an existing Macy’s store, mirroring strategies used by competitors Nordstrom and Neiman. [FOR]