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Macy’s and Best Buy Partner

business wire

September 08, 2015 12:00 PM Eastern Daylight Time

CINCINNATI–(BUSINESS WIRE)–Macy’s, Inc. (NYSE:M) today announced it has signed an agreement with Best Buy to test licensed consumer electronics departments in 10 Macy’s stores to open in early November 2015.

“We will test and learn, along with Best Buy, through the holidays and into 2016 before deciding on next steps.”

Plans call for Best Buy licensed shops of about 300 square feet to open in Macy’s stores in various markets throughout the U.S.

The space will be staffed by Best Buy employees and feature Samsung smartphones, tablets and smart watches, as well as audio devices (including Bluetooth speakers and headphones) and accessories (including cases, chargers and other peripherals) from Samsung and other brands.

“We are delighted that consumer electronics will be returning to selected Macy’s stores through this test, which will allow us to learn how we can best serve our customers’ needs in this very sophisticated category. Our customers have expressed interest in electronics for self-purchase and gift-giving, and this collaboration with Best Buy reinforces Macy’s as a shopping destination throughout the year for the products that are most in demand,” said Macy’s, Inc. President Jeff Gennette. “We will test and learn, along with Best Buy, through the holidays and into 2016 before deciding on next steps.”

Macy’s, Inc., with corporate offices in Cincinnati and New York, is one of the nation’s premier retailers, with fiscal 2014 sales of $28.105 billion. The company operates about 885 stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet and Bluemercury, as well as the macys.com, bloomingdales.com and bluemercury.com websites. Bloomingdale’s in Dubai is operated by Al Tayer Group LLC under a license agreement.

All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates and non-recurring charges, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet, mail-order catalogs and television shopping and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission. In light of these risks and uncertainties, readers are cautioned not to place undue reliance on forward-looking statements. Except as may be required by applicable law, Macy’s disclaims any obligation to update its forward-looking statements for any reason.

(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom).

Contacts

Macy’s, Inc.
Media – Jim Sluzewski, 513-579-7764
or
Investor – Matt Stautberg, 513-579-7780

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Categories: Uncategorized
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