Macy's Inc. (M) unveiled a three-year plan aimed at capturing more business from the so-called millennial generation, an extension of a broader strategy to appeal to consumers by focusing on their tastes.
The department-store retailer aims to increase its product offerings and improve the shopping experience in its mstylelab merchandise segment which focuses on consumers ages 13 to 22 and its Impulse segment, aimed at customers ages 19 to 30.
The company estimates the large and diverse generation spends about $65 billion annually for the type of goods its sells.
Macy's Chief Merchandising Officer Jeffrey Gennette said that to build sales among these groups that the company needs to "think from the customer's point of view" and align its resources to "move quickly and with focus."
Macy's strategy to on appeal to local tastes has helped it continue to outperform peers such as J.C. Penney Co. (JCP) and Kohl's Corp. (KSS).
For the latest initiative, Macy's is planning in-store improvements as well as a marketing strategy that coordinates efforts at the traditional-brick-and-mortar stores, website and mobile applications.
Shares closed Tuesday at $39.70 and were inactive in recent premarket trading. The stock is up nearly 70% in the past year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com