Retail
Meet Macy's Newest Collaboration With Dick's and Miracle-Gro
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Macy’s Inc. (NYSE: M) recently announced a collaboration with Dick’s Sporting Goods Inc. (NYSE: DKS) and Scotts Miracle-Gro Co. (NYSE: SMG) that will run through September. Macy’s is calling it “STORY” and hopes to bring the outdoors indoors.
STORY is a retail concept that changes every few months to bring a new narrative experience to life through curated merchandise and event programming.
In this case, STORY at Macy’s explores the theme through a mix of curated merchandise from more than 70 brands, dynamic store design and community-focused event programming, which ranges from indoor gardening workshops to outdoor activities such as kayaking on the Hudson River.
Outdoor STORY will further support the Macy’s brand experience team’s “test and learn” approach via a variety of cross-merchandising strategies and event programming that showcases the community of each brand.
Jeff Gennette, board chair and CEO of Macy’s, commented:
When Rachel Shechtman, founder of STORY, came to me with the concept, I paused, because I wouldn’t have thought about partnering with another retailer to sell outdoor products at Macy’s. However, as she presented her ideas and the merchandise her team was envisioning, it made a lot of sense. I reached out to Ed Stack, chairman & CEO of DICK’S, knowing that this would be a first for them as well – to share their exclusive private brand assortment in another major retailer – but he also saw the creative vision and we had the deal done and partnership launched in less than two months.
Note that Gennette is one of the highest paid CEOs in America, while Macy’s is one of the retailers closing the most stores. Will this initiative help turn things around for the department store operator?
Shares of Macy’s were last seen at $21.61, in a 52-week range of $20.02 to $41.99. The consensus price target is $23.62.
Dick’s traded at $37.01 a share, in a 52-week range of $29.69 to $41.21 and with a consensus price target of $37.57.
Scotts Miracle-Gro shares were last seen down nearly 1% at $99.32. The 52-week range is $57.96 to $101.12, and the consensus analyst target is $99.00.
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