Department store chain Macy's, Inc. (M) on Tuesday unveiled plans to invest in new areas like toys, health and wellness, pets and home décor. These investment plans are part of the company's move to bring in young and new customers, even while retaining the existing ones.
Commenting on the move, Chief Executive Jeff Gennette said, "Customers have signaled for us where we've failed [in] searches."
"If you look at our website today ... you start to see some of the new brands that we're adding," he added.
The Chief Executive said that the new items the company plans to debut in its stores include hair products, nail accessories and gourmet food, which are not typical Macy's products but will soon become so.
With the inclusion of these new products, Macy's aims to attract younger customers, mostly those who are under 40 years. The company's main target audience is the millennial mom, added Gennette.
Separately, the company also reported record first-quarter results. For the three-month period, Macy's posted net income of 103 million dollars or 0.32 dollars per share, compared to a net loss of 3.58 billion or 11.53 dollars per share in the prior year.
Net sales rose to 4.71 billion from 3.02 billion dollars last year, helped by strong comparable sales and digital sales.(DPA)