November 20, 2023
Macy's will open a new store next year at the Centerton Square shopping center in Mount Laurel, but the location will be smaller than what Macy's shoppers may expect.
Last month, Macy's revealed plans to open 30 stores in the U.S during the next two years, none of which will be in shopping malls. With stores that are about 20% the size of a typical Macy's, the company hopes to entice on shoppers who frequent big-box stores at strip malls.
The Macy's in Mount Laurel will be about 32,000 square feet, and it's one of two planned in New Jersey. Welco Realty confirmed the details, and the company noted the new Macy's will replace a former Bed Bath & Beyond. Other shops in Centerton Square include Wegmans, Target, Costco, T.J. Maxx and DSW.
Macy's has already opened 12 of its smaller stores in cities like Chicago, Boston, St. Louis and Las Vegas. The company plans to open 15 by the end of this year.
Marc Mastronardi, Macy's chief stores officer, told CNBC that the new store concept is a response to lagging mall traffic. Those that have already opened have posted better sales results than typical Macy's stores, many of which span several floors at malls.
Bloomingdale's, the luxury department store chain also owned by Macy's, operates a similar smaller stores called Bloomie's, which has three U.S. locations.
The new Macy's stores carry a more curated selection of goods than the retailer's full-size department store locations. Mastronardi said beauty products, career apparel and toys have been popular sections at the smaller stores that have opened thus far.
Macy's is seeking ways to reach new shoppers and increase its appeal to younger consumers. The retailer historically has been more tethered to malls than some of its competitors, like Kohl's and Nordstrom. The company has sought ways to rebound from economic challenges currently facing department stores, including higher rents and shoppers spending more on essentials like food and transportation.
The other planned New Jersey Macy's will be at the Interstate Shopping Center in Ramsey, Bergen County. Opening dates for the stores have not yet been determined. In South Jersey, Macy's has ] department stores at malls in Cherry Hill and Deptford, as well as a furniture store in Maple Shade.