Macy's Signals the End of the American Department Store as We Know It
Macy's is turning several stores into discount outlets. CEO Terry Lundgren told analysts on a conference call that the brand is planning to put Backstage stores in 15 existing retail locations this year. The stores will sell Macy's brands at steeply discounted prices — up to 80 percent off. This model copies highly successful brands like TJ Maxx and Nordstrom Rack. The brand's sales fell 4 percent in 2015.