Macy's to launch discount format with four new stores

Macy's (NYSE:M) has announced plans to open four discount stores in the New York City area this fall. Macy's new format, titled Macy's Backstage, will feature the department store's clearance items.

"Backstage is a new retail concept that the Macy's team has built from scratch over the past six months," Macy's business development officer Peter Sachse told Dow Jones Business News.

Macy's Backstage will not accept coupons and won't host promotional events.

The first stores will be located in Sheepshead Bay in Brooklyn, Queens Place in Queens and Melville Hall in Huntington.

The move is part of the retailer's larger restructuring efforts. In January the company announced it would open more outlet stores, consider discount stores and strengthen its e-commerce.

Last month Terry Lundgren, Macy's president, chairman and CEO, announced at the University of Arizona's Global Retailing Conference in Tuscon, Arizona, that the retailer's future lies in its stores, a statement that alluded to Macy's intent to expand internationally, especially with its Bloomingdale's brand.

For more:
-See this Dow Jones Business News article

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