Subject category:
Strategy and General Management
Published by:
Amity Research Centers
Length: 5 pages
Data source: Published sources
Topics:
Macy's; Acquisition; Story; Innovative retail concept; Innovative concept store; Innovative business model; Customer experience; Customer engagement; In-store experience; Pop-in stores; Pop-up stores; Storytelling retail model; Rachel Shechtman; Jeff Gennette; Amazon; Apparel retailing; Brand experience
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Abstract
Story was a 'cohesive storytelling retail model' that took the perspective of a magazine and changed like a gallery while selling things like a store. The store reinvented itself every four to eight weeks in terms of its design and merchandise with the goal of highlighting a new theme. Story had a sharp focus on 'experience, engagement and collaboration/brand partnerships'. In May 2018, Macy's Inc. (Macy's) announced the acquisition of this concept store in New York City. As part of the deal, Story's Founder and CEO, Rachel Shechtman (Shechtman) was to join the legendary retailer as its Brand Experience Officer with the task of enhancing the in-store customer experience with the Macy's brand. The deal also gave Story the opportunity to come to life and grow in a new format. Experts wondered if this alliance would succeed. Will Macy's give Story the run room it needed to grow and in return bring Story-like creativity to Macy's? Or will it crush the creativity with bureaucracy and drive Shechtman elsewhere? How will the story unravel in the months to come?
Teaching and learning
This item is suitable for undergraduate courses.Time period
The events covered by this case took place in 2018-19.Geographical setting
Region:
Americas
Country:
United States
Featured company
Macy's
Employees:
10000+
Turnover:
USD 24.8 (2017)
Type:
Public company
Industry:
Retail
About
Abstract
Story was a 'cohesive storytelling retail model' that took the perspective of a magazine and changed like a gallery while selling things like a store. The store reinvented itself every four to eight weeks in terms of its design and merchandise with the goal of highlighting a new theme. Story had a sharp focus on 'experience, engagement and collaboration/brand partnerships'. In May 2018, Macy's Inc. (Macy's) announced the acquisition of this concept store in New York City. As part of the deal, Story's Founder and CEO, Rachel Shechtman (Shechtman) was to join the legendary retailer as its Brand Experience Officer with the task of enhancing the in-store customer experience with the Macy's brand. The deal also gave Story the opportunity to come to life and grow in a new format. Experts wondered if this alliance would succeed. Will Macy's give Story the run room it needed to grow and in return bring Story-like creativity to Macy's? Or will it crush the creativity with bureaucracy and drive Shechtman elsewhere? How will the story unravel in the months to come?
Teaching and learning
This item is suitable for undergraduate courses.Settings
Time period
The events covered by this case took place in 2018-19.Geographical setting
Region:
Americas
Country:
United States
Featured company
Macy's
Employees:
10000+
Turnover:
USD 24.8 (2017)
Type:
Public company
Industry:
Retail