Macy’s has tapped an outside source in its quest to boost customer experiences.
The retail group announced on Wednesday that it has acquired Story, a concept store in New York City known for its ever-evolving themes.
Through the deal, Macy’s will be able to onboard Story founder and CEO Rachel Shechtman’s expertise in developing much-talked about retail spaces, and Shechtman will see her boutique come to life within Macy’s doors.
“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,” said Macy’s CEO and chairman Jeff Gennette. “We are committed to growth in 2018, and this is one important step along the way.”
Shechtman’s title at Macy’s will be brand experience officer, founder of Story. She will report directly to Macy’s president Hal Lawton. Story’s COO Jenny Shechtman will assume the role of vice president of operations at Story.
“It’s exciting to have a national stage to leverage STORY’s learnings and relationships to create impact at scale. I’m energized by the opportunity to further build new customer experiences across the Macy’s portfolio, while also continuing to pursue new business models and brand partnerships,” Shechtman added.
Story is something of a media darling, winning praise for its inventive themes and the unique way the store completely reinvents itself every four to six weeks.
Experiences are a key pillar of Macy’s North Star transformation plan, which it announced at its investor meeting in June. Folding Story into the Macy’s family also speaks to the What’s New, What’s Next piece of the puzzle, which is the retailer’s commitment to exploiting the white space in retail through partnerships, acquisitions and new concepts both online and off.
In February, announced a different type of experiential setup. Macy’s launched The Market @ Macy’s a temporary shop-in-shop concept that acts as an incubator of sorts for new brands within Macy’s stores. At the time, Marc Mastronardi, Macy’s EVP of new business development and innovation, said the company hoped the regularly injection of newness would help boost foot traffic.
The freestanding Story shop in New York’s Chelsea district will continue forward as it always has.