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02 June 2022
Retail media revenues double for Macy’s
Macy’s Inc., the retail holding company, saw the revenues generated by its retail media operations almost double year-on-year, reaching $26 million overall, in the last quarter.
Why it matters
Retail media is an area of growing competition in terms of both supply and demand. With more retailers using first-party data to help advertisers reach consumers at or near the point of purchase, both online and in-person, the category is likely to witness further intensification in buyer interest going forwards.
The Macy’s Media Network offers a range of ad solutions, from sponsored product listing to on-site and off-site display ads, online branded experiences, email and in-store inserts.
Jeff Gennette, chairman and CEO of Macy’s Inc., reported on an earnings call that its growth was “above expectations”, with an uptick in clients and campaign volumes.
Some 320 vendors have been involved with this program to date across the Macy’s and Bloomingdale’s brands, indicating “lots of pent-up interest for this,” Gennette said.
“We do expect that the vendor and the campaign count is going to continue to grow,” he added.