Business Insider/Mary Hanbury

M Macy’s

22.78 -0.20 (-0.90 %)

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A Morgan Stanley note is questioning Macy’s latest plan to revitalize its brick-and-mortar stores.

In the past two years, the struggling department store chain has launched an outlet store called Macy’s Backstage, added dedicated “Last Act” clearance sections to stores, and said it would add more self-service systems to its beauty and shoe sections.

All of these moves suggest the retailer is trying to become more like its off-price rivals, TJ Maxx and Ross Stores.

Afterall, off-price retail is one of the only bright spots in an otherwise gloomy retail sector.

This year, TJ Maxx announced plans to open 1,800 more stores globally and reported its 21st consecutive year of positive same-store sales. Macy’s, on…