Dive Brief:
-
Macy’s is continuing to push the roll out of its off-price Backstage concessions, on Tuesday unveiling its Wauwatosa, WI location, the Milwaukee Journal-Sentinel reports. The 20,000 square foot space, taken from its intimates and children’s clothing departments, now features small batches of varied merchandise.
-
The department store hopes the small quantities and high turnover will drive more frequent visits, Macy’s media relations manager Carolyn Ng told the Journal-Sentinel.
-
Meanwhile, last week CEO Jeff Gannette bought more than $300,000 worth of Macy’s stock at $22.94 per share and Macy’s director William Lenehan bought more than $100,000 worth at $22.71 per share, according to separate form 4 filings with the Securities and Exchange Commission, leading some observers to speculate whether the struggling retailer’s stock, which has fallen precipitously in recent years, has hit bottom.
Dive Insight:
Gennette’s annual base salary, according to a March filing with the SEC, is $1.25 million, with an annual target bonus equal to 170% of his base…
