Macy's Partnership Signals A Brand New Future For Toys R Us

Описание: No, the old Toys R Us isn’t back. But the new Toys R Us has the potential to bring back some of the old magic - both for Toys R Us and Macy’s. The Toys R Us partnership with Macy’s could help the department store chain regain its “Miracle On 34th Street”-era status as an essential holiday shopping destination for families. Macy’s has installed 451 Toys R Us branded toy shops in its stores, and it kicked off the launch of the shops with the unveiling of the largest Toys R Us shop, at Macy’s Herald Square in New York city, at a media event Oct. 13. Macy’s has scheduled events all week at stores throughout the country to promote the toy shops, including celebrations today of the birthday of the beloved Toys R Us mascot, Geoffrey the giraffe. Toys R Us now is primarily a licensed property, rather than a merchant, and Macy’s has made a smart strategic decision to attach the iconic Toys R Us brand, along with its marketing images, and Geoffrey, to toy shops in its department stores. The Macy’s partnership will be a test of whether the Toys R Us name sells, even if Toys R Us isn’t operating the stores. The new toy shops are stocked and staffed by Macy’s, while Toys R Us’ role is more of a licensor, making sure that the brand image is protected, and presented effectively. In early 2021, WHP Global, a brand acquisition, investment, and management firm, acquired a majority stake in TRU Kids, the company that retained the brand rights to the Toys R Us name and intellectual properties, after the Toys R Us bankruptcy. WHP Global Chairman and CEO Yehuda Shmidman, a self-described “Toys R Us kid”, said at the time of the acquisition he saw great opportunity in being able to leverage the Toys R Us name, a name that still evoked warm memories, and that was viewed as a trusted toy authority, despite the bankruptcy. WHP Global also owns a number of fashion brands, including Anne Klein, Joseph Abboud, and Isaac Mizrahi. WHP and Macy’s in the summer of 2021 began working together to sell toys online under the Toys R Us name, with Macy’s handling the fulfillment. The partners also announced plans then to open Toys R Us shops in Macy’s stores in time for the 2022 holiday season. The results from the initial online partnership were encouraging enough to convince Macy’s CEO Jeff Gennette and his team to go all in on the plan to open in-store toy shops. In the fourth quarter of 2021, 25% of Macy’s online customers who bought toys under the Toys R Us partnership were new to the Macy’s site. In the first quarter of 2022, 87% of toy customers also cross-shopped other Macy’s categories. While the official launch of the in-store shops didn’t take place until last week, Macy’s has been setting up the toy displays for several months, and the cross-shopping boost also appears to be occurring in stores in the same way it has been happening online.


All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/joanverd...


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