Photo: boublis / Flickr
Macy’s is taking big steps to shift its core customer base to a younger generation. The department store giant is rolling out a series of new assortments to appeal to Millennials — people aged 19 to 30.
Macy’s current core customers are the Baby Boomers.
The number of collections aimed at the younger generation will increase dramatically over the next couple of years, Jean Palmieri at Women’s Wear Daily reported.
Macy’s wants to go after Millennials for their spending power:
“Earlier this year, Macy’s revealed that over the next three years it hopes to capture more dollars from the Millennial customer, an age group with estimated annual spending power of $65 billion for product at Macy’s price level. The initiative, which also impacts the retailer’s organizational structure, represents an effort to move beyond the 76 million Baby Boomers to attract their 70 million children and grandchildren.
“This is phase one. We’re serious about this and we’re aggressively going after this consumer. This is not a test,” said Molly Langenstein, executive vice president and group merchandise manager for Millennial, a position that was created specifically to support the Millennial business.”
Ironically enough, one of Macy’s big new lines is branded with Marilyn Monroe, a Baby Boomer Icon.
“What’s old is new again,” a Macy’s executive told WWD.
Macy’s isn’t the only big chain going after a younger consumer. Gap went after Millennials in earnest last year, with phenomenal results.
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