"Retail experts reveal why 'stodgy, suffering' Macy's and JCPenney won't be saved by partnerships with buzzy startup ThredUp."

August 28, 2019 Business Money

Macy’s and JCPenney announced forthcoming pilot programs with ThredUp, featuring secondhand products from the popular e-commerce site in select stores around the country.

The announcement comes on the heels of disappointing sales from both retailers in the second quarter of 2019, as each failed to meet investor expectations and analyst forecasts.

Retail experts told Business Insider that while department stores stand to benefit from a ThredUp partnership, it won’t be enough to overturn their respective slumps.

As flailing department stores continue to grasp at straws to stay afloat, they’re finding an unlikely partner in ThredUp.

Macy’s and JCPenney both announced plans this week to partner with the buzzy online consignment store popular among millennial and Gen Z shoppers. On a call with investors on Wednesday, Macy’s CEO Jeff Gennette said the company will soon begin selling ThredUp’s secondhand clothing and accessories at 40 select Macy’s stores, referring to the effort as “re-commerce.” The next day, JCPenney CEO Jill Soltau told investors the brand will also begin featuring ThredUp products in 30 of its stores.

(More info at: https://www.businessinsider.com/macys-jcpenney-wont-be-saved-by-thredup-partnership-2019-8)

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