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October 4, 2023 : Incoming Macy’s CEO John Donahoe has called the Bloomingdale’s brand a “growth vehicle” for the company. In an interview with CNBC, Donahoe said that Bloomingdale’s has a “unique and differentiated” brand that can appeal to more customers than Macy’s.
“Bloomingdale’s is a special brand,” Donahoe said. “It has a unique and differentiated positioning in the market. It’s a more elevated brand with a more affluent customer base. We see Bloomingdale’s as a growth vehicle for Macy’s.”
Donahoe said that Macy’s plans to invest in Bloomingdale’s to expand its reach and attract new customers. This includes opening new stores, expanding its online presence, and launching new initiatives to appeal to younger shoppers.
“We’re going to invest in Bloomingdale’s to make it even stronger,” Donahoe said. “We’re going to open new stores, expand our online presence, and launch new initiatives to appeal to younger shoppers.”
Donahoe’s comments suggest that Macy’s wants to reposition Bloomingdale’s as a more upscale brand. This aligns with the company’s broader strategy of focusing on its higher-margin businesses.
Bloomingdale’s has traditionally been a more expensive department store than Macy’s. However, the company faces increasing competition from luxury retailers such as Nordstrom and Neiman Marcus.
By repositioning Bloomingdale’s as a more upscale brand, Macy’s hopes to attract new customers and compete more effectively with its luxury rivals.
Incoming Macy’s CEO John Donahoe has called the Bloomingdale’s brand a “growth vehicle” for the company. Donahoe has said that Macy’s plans to invest in Bloomingdale’s to expand its reach and attract new customers. This includes opening new stores, expanding its online presence, and launching new initiatives to appeal to younger shoppers.
Donahoe’s comments suggest that Macy’s wants to reposition Bloomingdale’s as a more upscale brand. This aligns with the company’s broader strategy of focusing on its higher-margin businesses.
Whether Macy’s will successfully reposition Bloomingdale’s as a more upscale brand remains to be seen. However, the company’s investment in Bloomingdale’s suggests that Macy’s is serious about making the brand a growth driver for the company.
