American department store chain Macy’s will acquire New York-based concept store Story. Founder Rachel Schechtman will become Macy’s’ “brand experience officer”.
New business models and brand partnerships
Story in Manhattan is known for its particular concept: founder Rachel Schechtman presents the store as a magazine rather than a store. It has a curated, alternating product range in collaboration with brands that use the shop as a trial area and showroom: the business model does not entirely revolve around retail sales, but brands acquire data and a location for market research first and foremost.
It is not clear how much Macy’s has paid for Story, but Shechtman did say it will continue to exist, although her sister Jenny will take control. Rachel will head to Macy’s to enrich its stores’ experiences and help to bring brand activations to stores, according to CEO Jeff Gennette: “We are committed to growth in 2018, and this is one important step along the way.” Schechtman is also happy to “help Macy’s attract new business models and brand partners.”