Macy’s is jumping deeper into the experiential retail space.
The department store retailer said early Wednesday that it has purchased Story, a New York-based concept store founded by Rachel Shechtman, who will join Macy’s as brand experience officer. She will report to Hal Lawton, president of Macy’s. Terms were not disclosed.
In this new position, Shechtman will focus on ways to enhance the in-store customer experience at the Macy’s brand and work to integrate Story into the company “in a new format,” Macy’s said.
Story offers a storytelling retail model similar to that of a magazine and the design and merchandise mix is reinvented every six to eight weeks.
“Rachel is a unique and innovative voice in retail, and we are thrilled to have the Story team join the Macy’s family,” said Jeff Gennette, chief executive officer and chairman of Macy’s Inc. “Bringing Rachel’s perspective to the table will help create more enriched and engaging in-store experiences and brand activations. We are committed to growth in 2018, and this is one important step along the way.”
Shechtman said that by joining forces with Macy’s, Story will now have “have a national stage” to leverage its “learnings and relationships to create impact at scale. I’m energized by the opportunity to further build new customer experiences across the Macy’s portfolio, while also continuing to pursue new business models and brand partnerships.”
The Story retail store in Chelsea will continue to operate in its original location. In addition, the company’s chief operating officer, Jenny Shechtman, will assume the role of vice president, operations at Story under Macy’s, Inc.’s umbrella.
Rachel Shechtman has more than 10 years of entrepreneurial and brand consulting experience and in 2003, founded Cube Ventures, a retail and marketing consultancy whose clients included Toms, Kraft Foods, the Council of Fashion Designers of America, Gilt, Gap and others. She opened Story in 2011.