Macy’s is finally diving into the off-price business with the launch of its new Backstage discount stores this fall. But the 156-year old chain will be playing a game of catch up in this increasingly crowded retail sector.
Macy’s upscale department store brethren Nordstrom JWN +0.64% and Saks Fifth Avenue have been expanding their discount spin-offs The Rack and Off 5TH, respectively, faster than their full-line stores for nearly a decade. And even those offshoots are dwarfed by the behemoths of the off-price world: TJX, Ross Stores ROST +1.69% and Burlington.
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