Vaccine Economy is what everyone is talking about lately in the US retail sector. As vaccinated shoppers start rushing to stores and malls, Macy’s seems to be one of the biggest gainers.
The American fashion retailer, in its recently released first quarter report, distinctly stated that it has added 4.6 million new customers across all channels during the quarter.
Now, that’s 23 per cent jump from what it was in 2019.
Notably, out of the 4.6 million new customers, 3 million were brand new to Macy’s, whereas remaining 1.6 million were dormant customers who were re-engaged.
Also, 47 per cent of those new customers made their first purchases online during the quarter, while 82 per cent of online orders came from repeat customers – also highlighting Macy’s online growth during the period.
The numbers in the ‘vaccine economy’ quarter have been so encouraging that Macy’s now believes its goal of generating US $ 10 billion in digital sales is attainable by2023.
While Macy’s Q1 net sales grew to US $ 4.71 billion from US $ 3.02 billion in the previous year, the profit was US $ 103 million, compared to US $ 3.6 billion loss a year before.
The new and old customers of Macy’s have certainly shown they are ready to shop now, and considering sales of clothes and clothing accessories rose by a massive 727 per cent in April 2021 from a year before, Macy’s has raised its full-year outlook.
With US retail slowly coming back to normalcy, and vaccinated shoppers out to buy apparels and accessories, it wouldn’t be a surprise if Macy’s turns out be one of the few happy retailers by the time 2021 ends.
Founded in 1858, Macy’s is known majorly for its apparels, clothing accessories, footwear and bedding, amongst others. It has its headquarters in New York.