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Macy’s Acquires Innovative NY Retailer ‘Story’
Story founder Rachel Shechtman has been named brand experience officer at the department store chain.
Cincinnati—Macy’s Inc. is stepping up its commitment to the customer experience with the acquisition of concept retailer Story.
Financial terms of the deal are not being disclosed.
Story, located in New York City’s Chelsea neighborhood, is unique in that it reinvents itself every four to eight weeks, from the design of the store to the merchandise it carries, to highlight a new theme, trend or issue.
It currently is operating as Work/Space, according to its website. Past themes have included Color, Making Things, Love, Made in America and Home for the Holidays.
Story founder and CEO Rachel Shechtman—a former brand consultant for Kraft, Toms shoes and Lincoln—launched the company in 2011 with the idea of creating a retail concept that could bring brands and consumers together, integrating marketing, merchandising and business development, according to its website.
Fashion Group International awarded the store its 2014 Rising Star Award for Best Retail Concept and Time Out New York put it on its list of 15 New York City Top Shops.
With the acquisition, Macy’s said Shechtman will join the company as brand experience officer, reporting directly to President Hal Lawton, in addition to continuing to develop Story.
In her role with Macy’s, Shechtman will focus on ways to enhance the in-store customer experience for the retailer.
Though Macy’s did not respond to an email from National Jeweler inquiring about what exactly this acquisition could mean for the future of its stores, Business of Fashion reported Story will become “a Macy’s sub-brand,” possibly including locations in some Macy’s stores.
And our new STORY is....Home for the Holidays!
A post shared by STORY (@thisisstory) on Nov 9, 2017 at 8:50am PST
Macy’s CEO Jeff Gennette said in a press release, “Rachel is a unique and innovative voice in retail, and we are thrilled to have the Story team join the Macy’s family. Bringing Rachel’s perspective to the table will help create more enriched and engaging in-store experiences and brand activations. We are committed to growth in 2018, and this is one important step along the way.”
Also this week, Macy’s said it continues the expansion of its off-price division.
The retailer opened about 20 Backstage locations in the first quarter of fiscal 2018 as part of its previously announced plan to open 100 within existing Macy’s stores during the fiscal year.
Many of these locations are in markets new to the Backstage concept, like the Northwest and Southwest.
To support the growth of its off-price division, Macy’s also will
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open a dedicated Backstage distribution center in Columbus, Ohio, expected to create more than 400 more jobs. It’s slated to open fall 2019.
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