In order to better understand Millennial shoppers, Macy's (NYSE: M) CEO Terry Lundgren has breakfast with a room full of 20-somethings once each month. His guests are fellow Macy's employees who have been with the company three to five years, who discuss and brainstorm ways that Macy's can reach a younger demographic.
"I'll have breakfast with however many fit into the room next to my office," Lundgren said, in an interview with Buzzfeed. "I just get so much more information from young people in our company, and it's influenced me. They kept coming back with more and more ideas, and now it's got its own set of momentum that's built around it." Lundgren spoke about Macy's efforts during the Global Retailing Conference at the University of Arizona.
These breakfast meetings have been happening for five years now, during which Macy's has emerged as a winner in targeting a younger demographic and boosting sales, particularly when it comes to digital campaigns. A recent report by Interbrand Design Forum found Macy's to have one of the highest brand values in part for its innovative omnichannel and mobile strategies. Macy's has also unveiled plans to create new store formats targeted towards Millennials, with exclusive brands catering to 20-somethings.
Earlier this month, Macy's also announced a partnership with Maker Studios to launch a new online reality program, "The Next Style Star."
The fashion lifestyle series pits 16 aspiring fashion stylists against each other for a $10,000 cash prize, a chance to serve as a guest stylist on an upcoming Macy's photo shoot, and have his or her winning look featured in the Impulse Department at Macy's Herald Square in Manhattan.
-See this Buzzfeed article
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