Macy’s Acquires Concept Shop STORY
Macy’s announced today that it has acquired STORY, a concept store in New York City. Additionally, Rachel Shechtman, STORY’s founder and chief executive officer, will join Macy’s, Inc. as brand experience officer, reporting directly to Hal Lawton, president of Macy’s. In her role, Shechtman will focus on ways to enhance the in-store customer experience with the Macy’s brand, and STORY will have the opportunity to come to life in a new format. "Bringing Rachel’s perspective to the table will help create more enriched and engaging in-store experiences and brand activations,” said Jeff Gennette, chief executive officer and chairman of Macy’s, Inc. “We're committed to growth in 2018, and this is one important step along the way.”
Total Retail's Take: STORY has been frequently cited as a leading example of experiential retail within the industry. Its model of creating a concept store format for retailing — with a new concept rolled out each month — has helped shape how retailers approach experiences for their brands. As Macy's tries to reach new customers and reconnect with its current ones, it's a smart move to bring STORY into the fold to help it be more than a department store chain. Retail is increasingly about experiences, and no brand has done that better than STORY. With this acquisition — and the hiring of Shechtman — Macy's is looking to tap into that expertise. I'm curious to see how the niche retail store will be portrayed in a larger, big-box retail environment. If done correctly, it could be a game changer for Macy's.
