Macy's said yesterday that "it has begun investing in new categories for the business — including toys, health and wellness, pets and home decor — in a bid to attract fresh-faced customers but also to keep its existing customers," CNBC reports.
CEO Jeff Gennette "mentioned hair products, nail accessories and gourmet food items as three other category opportunities that Macy’s has not typically gone after — but it will soon.
"The push could make Macy’s a closer competitor to big-box businesses such as Target and Walmart, which are known to offer shoppers a little bit of everything."
- KC's View:
Macy's should take its best shot, but I'm not persuaded that this is a good idea. I'm not sure that Macy's was particularly effective at doing what it used to do, and there's no reason to think that it'll be any better at a whole new set of skills.