Partnership with b8ta
Department store chain Macy’s (M) recently announced its partnership with b8ta, a technology retailer, to enhance its in-store customer shopping experience. Macy’s plans to leverage b8ta’s software platform to expand its The Market @ Macy’s concept, which it launched in February. The Market @ Macy’s is an in-store pop-up retail concept that aims to expand the reach of emerging and established brands to new customers.
Macy’s also disclosed its acquisition of a minority stake in b8ta. Currently, b8ta operates nine freestanding stores, which help customers discover new products, including those of emerging brands.
Home-improvement retailer Lowe’s (LOW) has also collaborated with b8ta to operate SmartSpot locations within Lowe’s stores.
Benefits of the new deal
b8ta’s customized technology platform for Macy’s is expected to help in the management of the rotating brands at The Market @ Macy’s. It will also help in scaling The Market @ Macy’s pop-up store concept to new locations.
Macy’s also expects to enhance its product offerings with the help of b8ta’s ability to promote new products in the home merchandise and consumer electronics categories.
Macy’s has been taking several initiatives to bring its sales back on track amid a highly competitive retail market, in which Amazon (AMZN) and other online retailers are grabbing market share from traditional retailers. A focus on the expansion of its off-price Macy’s Backstage concept and its Bluemercury beauty business are some of the growth strategies that have helped the company to deliver sales growth in the past two consecutive quarters.
In May, Macy’s announced its acquisition of Story, a concept store in New York City, and appointed Story’s founder and CEO, Rachel Shechtman, as the company’s brand experience officer.
To learn more about Macy’s performance in the first quarter, read Macy’s Dresses to Impress with Q1 2018 Results, Upgraded Guidance.