Macy's enters Argentina's e-commerce market

According to foreign media reports, Macy's announced that it will cooperate with supplier Tiendamía to enter the Argentine market.

Tiendamía is an online shopping website headquartered in the United States, but most of its users are South American consumers. In Argentina, Tiendamía mainly sells products from foreign brands that do not operate in Argentina.

“With this landing, millions of Macy’s products will be available at very affordable prices and consumers will be able to pay in installments through various forms of payment and in pesos to facilitate online purchases of foreign brands, ” Tiendamia said in a statement.

In other words, Macy's will not enter the Argentine market through physical stores this time, but through e-commerce channels. It is understood that after entering the Argentine market, Macy's will provide shoes, watches, jewelry (bracelets, rings, etc.), backpacks, wallets, bedding/bath towels, children's clothing and other products in addition to men's and women's clothing.

Since the outbreak of the epidemic, department stores everywhere have been facing crises. As early as last year, Macy's expected to need to close up to 125 stores to cope with the crisis, which would affect about 2,000 employees , accounting for 10% of the company's total employees . It was also in that year that Macy's closed its 30 stores in the United States.

Macy's plans to close 45 stores this year. In addition, Macy's plans to close another 80 stores between 2022 and 2023 , which is expected to save about $1.5 billion.

In addition, the company is adjusting its sales outlets to focus resources on the most relevant locations , such as bustling commercial and residential areas .

Due to the shrinking offline channels , Macy's plans to strengthen its online channels to increase sales and accelerate the development of online business and its mobile applications to increase sales. According to Macy's second quarter financial report, the company had a total of 5 million new customers in the second quarter, of which 41% came from online.

According to eMarketer data, Argentina's e-commerce market sales growth rate last year was 100.6%, which is also the fastest growing e-commerce market in the world. Therefore, it is not surprising that Macy's entered the Argentine market through e-commerce channels.

Macy's

Argentina

E-commerce