Macy’s invests in tech firm to expand pop-up concept
CINCINNATI (Cincinnati Business Courier) - Macy’s Inc. is expanding its partnership with a technology-powered retail firm by purchasing a portion of the company.
The Cincinnati-based retailer (NYSE: M) has purchased a minority equity stake in b8ta, which operates flagship stores throughout the U.S. to help customers discover new products while putting makers in control with a retail-as-a-service model. A Macy’s spokeswoman said the value of Macy’s investment wasn’t disclosed.
Macy’s said the move is part of its focus on enhancing the in-store customer experience. It will use b8ta’s platform to scale its recently launched concept, the Market @ Macy’s, which helps emerging and established brands reach new audiences.
The Market @ Macy’s is currently open at 10 Macy’s locations in New York City, Boston, Detroit, Pittsburgh, Seattle, San Francisco, San Antonio, Fort Lauderdale, Las Vegas and Orange County, Calif. Each shop offers a rotating selection of unique apparel, accessories, beauty, entertainment, experiences, decorative home, stationery, technology and gift items.
“We’re always looking for new formats that allow our customers to discover and connect with our products and services in-store in a way that drives engagement with our brand,” Macy’s president Hal Lawton said. “We’re pleased to deepen our partnership with b8ta that will provide the technology engine for the Market @ Macy’s.”
San Francisco-based b8ta will customize its technology platform for Macy’s to provide a more automated experience for brands that sign up to participate in the Market @ Macy’s. It will also help manage the rotation of brands and scale the concept for new locations.
To learn more about plans for the partnership, read the full story from the Cincinnati Business Courier.
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