STORES 2014 BIG Show Daily - January 14, 2014 - 28


Tuesday

28

Millennials
Continued from page 12

turn a like, pin or tweet into a transaction."
Macy's also focuses on Millennials
through channels like the television show
"Pretty Little Liars," which had a recent
Macy's tie-in where the characters wore
brands like Bar III, RACHEL Rachel Roy,
Maison Jules and QMack. The retailer
used its blog to provide direct links to
the specific items worn by the characters.
It also used brand ambassadors on 100
college campuses to promote Macy's savings and teamed with fashion magazines
Cosmopolitan, Glamour, InStyle and

Vogue to host special shopping events for
back-to-college.
And then there's mobile. "It's the
biggest play that we're communicating,"
Reardon said. "We know Millennials love
getting discounts."
Millennials also are willing to pay for
the brands they want, whether that is a $5
cup of coffee or designer home d├ęcor.
"I don't think all Millennials want the
cheapest price," Fromm said. "They love
Target as a brand, but it's a value equation.
Macy's can be well-positioned to capture
a sizable share if they can deliver on highquality product, fair price and a disruptive
store experience. Millennials will trade up

and trade down to get what they
want. Brands like Macy's already
understand it's important to be
useful and cool."
Capturing Millennials, Fromm
believes, requires a reassessment
of the term "brand value." The
old definition "was functional plus
emotional," he said. "The new
is functional plus emotional plus
participative, divided by price."
Macy's strategy has involved
a bit of a shake-up in the corporate
structure, as well - personnel from
marketing, merchandising, private
brands and planning now share one

Create a Shopping Experience They'll Never Forget!

Home furnishings aimed at Millennials are
among the offerings at Macy's.

large open office space.
"The Millennial generation is very
fast," Reardon said. "They expect to get
things in a nanosecond. They've grown
up in a high-tech environment, with the
Internet to search for something quickly
and get an answer. ...
"The reason that we put the Millennial
teams together is to make faster decisions,"
she said. "As much as this is about digital
and text and e-mail, they love to speak to
each other. The people who are heading
up the Millennial world are Millennials
themselves. They're used to being together
and working as teams."
In addition, Feinseth said, "Macy's
real estate footprint is much better positioned than many of its competitors.
Macy's is more in middle to upscale suburban locations and up-and-coming urban
areas where Millennials are moving. That's
benefiting them."

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Millennials know what they want and
aren't afraid to demand it. And when they
get what they want, they'll proudly tell
everyone. That creates a powerful combination - one which retailers can't ignore.
"The notion that Millennials can't be
loyal is a myth," Fromm said. "They are
willing to pay a modest premium for a
quality product. Their notion of buying a
house or car is different than their parents'
generation."
Apparel is important to them,
though. "They tend to influence grandparents, parents and even older siblings
on trends," Fromm said. "If you're trying
to win with a broad audience, it's harder
to win with an older generation if you
don't win with Millennials. They're the
tastemakers."
That influence extends well beyond
their sheer numbers. "They are the kind of
people who will brag about their new home
items on Pinterest or Facebook," Fromm
said. "I might purchase a product from
Macy's and be content that I've gotten my
money's worth. A Millennial's purchase
lives far beyond the transaction."
As an example, he notes that Pinterest
"is being used by retailers to help Millennials work through their trade up, trade down
purchasing decisions. It's an especially
effective tool for retailers that are targeting women."


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Table of Contents for the Digital Edition of STORES 2014 BIG Show Daily - January 14, 2014

STORES 2014 BIG Show Daily - January 14, 2014 - 1
STORES 2014 BIG Show Daily - January 14, 2014 - 2
STORES 2014 BIG Show Daily - January 14, 2014 - 3
STORES 2014 BIG Show Daily - January 14, 2014 - 4
STORES 2014 BIG Show Daily - January 14, 2014 - 5
STORES 2014 BIG Show Daily - January 14, 2014 - 6
STORES 2014 BIG Show Daily - January 14, 2014 - 7
STORES 2014 BIG Show Daily - January 14, 2014 - 8
STORES 2014 BIG Show Daily - January 14, 2014 - 9
STORES 2014 BIG Show Daily - January 14, 2014 - 10
STORES 2014 BIG Show Daily - January 14, 2014 - 11
STORES 2014 BIG Show Daily - January 14, 2014 - 12
STORES 2014 BIG Show Daily - January 14, 2014 - 13
STORES 2014 BIG Show Daily - January 14, 2014 - 14
STORES 2014 BIG Show Daily - January 14, 2014 - 15
STORES 2014 BIG Show Daily - January 14, 2014 - 16
STORES 2014 BIG Show Daily - January 14, 2014 - 17
STORES 2014 BIG Show Daily - January 14, 2014 - 18
STORES 2014 BIG Show Daily - January 14, 2014 - 19
STORES 2014 BIG Show Daily - January 14, 2014 - 20
STORES 2014 BIG Show Daily - January 14, 2014 - 21
STORES 2014 BIG Show Daily - January 14, 2014 - 22
STORES 2014 BIG Show Daily - January 14, 2014 - 23
STORES 2014 BIG Show Daily - January 14, 2014 - 24
STORES 2014 BIG Show Daily - January 14, 2014 - 25
STORES 2014 BIG Show Daily - January 14, 2014 - 26
STORES 2014 BIG Show Daily - January 14, 2014 - 27
STORES 2014 BIG Show Daily - January 14, 2014 - 28
STORES 2014 BIG Show Daily - January 14, 2014 - 29
STORES 2014 BIG Show Daily - January 14, 2014 - 30
STORES 2014 BIG Show Daily - January 14, 2014 - 31
STORES 2014 BIG Show Daily - January 14, 2014 - 32
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