Macy's Buys Experiential Retailer Story
Can STORY change Macy's story?
The department store retailer is betting on it, having just acquired the unique concept store in New York City built around experiential retail, for an undisclosed sum. Additionally, Rachel Shechtman, STORY’s founder and CEO, will join Macy’s, Inc. as brand experience officer, founder of STORY, reporting directly to Hal Lawton, president of Macy’s. In her role, Shechtman will focus on ways to enhance the in-store customer experience with the Macy’s brand and STORY will have the opportunity to come to life in a new format.
STORY is a cohesive storytelling retail model that takes the point of view of a magazine, changes like a gallery, and sells things like a store. Every four to eight weeks, the space reinvents itself – from the design of the store to the merchandise – with the goal of highlighting a new theme. STORY has a heightened focus on experience, engagement and collaboration/brand partnerships.
“Rachel is a unique and innovative voice in retail, and we are thrilled to have the STORY team join the Macy’s family. Bringing Rachel’s perspective to the table will help create more enriched and engaging in-store experiences and brand activations,” said Jeff Gennette, CEO and chairman of Macy’s, Inc. “We are committed to growth in 2018, and this is one important step along the way.”
STORY will operate as usual, continuing to rotate new themes at its Chelsea location in New York City, while Rachel assumes her role at Macy’s, Inc. In addition, STORY’s COO, Jenny Shechtman, will assume the role of vice president, operations at STORY under Macy’s, Inc.’s ownership.
“It’s exciting to have a national stage to leverage STORY’s 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,” added Shechtman.
Shechtman has more than 10 years of entrepreneurial and brand consulting experience. In 2003 she founded Cube Ventures, a retail and marketing consultancy whose clients included: Lincoln, TOMS, Kraft Foods, CFDA, GILT, GAP, and AOL. In 2016 she was named to the Board of Directors of the National Retail Federation, in 2017 the AAF induced Rachel into its Advertising Hall of Achievement, and in 2018 she was named a Henry Crown fellow by the Aspen Institute.