Macy's is making a comeback.
The department store, first founded back in 1858, is channeling the "if you can't beat 'em, join 'em" mantra, this week announcing it was launching a "curated digital marketplace" for "carefully selected third-party merchants".
Macy's vs. Amazon
20 years ago if you needed to buy some jeans, a new toaster, some clothes for your kids and some new bed sheets you probably had to hit a few different stores... or one big department store. The internet changed all that, threatening the fundamental draw of the department store model — and many department stores didn't make it.
But as the biggest in the country, Macy's had scale to lean on in its fight against the online giants. The company closed stores, got leaner and launched its own online offering, which today represents 33% of all sales at Macy's. With this new platform launch, Macy's will presumably only take a slice of each sale, meaning it doesn't have to hold inventory (à la Amazon).
