Macy's, Inc.(NYSE:M) is about to launch its new brand strategy to serve the millennials, people belonging to 13-30 age group. The venerable department store chain has plans of launching 13 new brands and expanding 10 other labels that will surely boom with shoppers in that age group.
The roster covers an exclusive Marilyn Monroe fashion collection and a male’s T-Shirt line from Fatal Clothing that specializes in designs inspired by tattoos. The chain will also be offering a collection of fashions inspired by runway that is supposed to change every month.
The new fashion offerings that are being rolled out this fall will signify the first phase of the intensive campaign of the retailer to lure the highly sought-after generation.
The millennial generation is the first to grow up with cellphones and internet. The members of this group are likely to get fast access to anything they want. In March, Macy’s had restructured its merchandise team to emphasize on those shoppers. It plans on making other crucial changes in the coming three years to rope them in. those range from infusing tablets and other technological gifts into shopping experience to changing displays more often.
The intense focus comes as Macy’s and other retailers are paying more attention to the shoppers falling under this group. Mostly such shoppers are entering their peak earnings and spending phases.
The Boston Consulting Group defines millennial as being between ages 16 and 34. It says that in the US, they numbered about 79 millions previous year. By the year 2030, it b=is being expected that baby boomers will be outnumbered.
Boston consulting Group has released a study this year that is based on a survey involving 4,000 millennials. The result exposed that the people belonging to this group trust their Facebook friends more than corporate adverts or even experts. They have a tendency to spend at specialty stores, online stores, outlets and discount stores.