Macy’s to Expand ’Backstage’

Macy's (Cincinnati) new CEO Jeff Gennette announce his plans for the retailer one month into his new position.

Gennette told CNBC that after a two-year streak of negative same-store sales, Macy’s will bring its off-price brand, Macy's Backstage, to shopping malls. In 2016, the retailer opened 15 Backstage stores within poor-performing department stores, and this year, Macy’s plans to open 30 additional locations.

"We hope that by the end of 2017, what we're going to exit with is a viable off-price concept that is on-mall, not off-mall like our ferocious competitors," said Gennette. He also announced plans to offer more exclusive brands and dining options.