The “off-price” channel, home of discounted designer goods, is the place to be in retail. Macy’s plans to pilot a new off-price chain as well as expand its Bloomingdale’s outlet locations.
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The success of T.J. Maxx and Nordstrom Rack is pulling Macy's into the off-price chain game — and highlighting the pervasiveness of outlet culture in America.
The department store company, which announced plans last month to explore a set of off-price stores, said yesterday that executives are working on a pilot of a T.J. Maxx-like chain, as noted by Fortune. Notably, TJX, which owns T.J. Maxx, Marshalls, and Home Goods, today reported annual sales that surpassed Macy's for the first time ever, underscoring the strength of its treasure-hunting business model.