With a continued number of businesses having to close due to the COVID-19 pandemic or otherwise, it is a sigh of relief to see companies coming together for a common goal of success. The announcement of Toys “R” Us finding a new home in 400 Macy’s locations has all eyes focused on what this partnership can do for both companies.
After Toys “R” Us announced its bankruptcy in March of 2018, they haven’t stopped trying to make a comeback. After the failure of their pop-up stores in 2019, it was time for them to evaluate their losses and future opportunities. Their brand never left the minds of those who shopped in their stores, but as retail had continued to evolve, the big question was how they could get people, parents, etc., to reengage with their brand. All the while, Macy’s had been looking at their own opportunities. After evaluating that their toy department sales had been increasing, they looked for the next step to better compete with other brands in the toy space. The solution: partner with Toys “R” Us for the common goal of thriving in this new retail world and making their customers happy.
This announcement may not seem like a shock as many other companies across various industries have decided to partner together. This year, for instance, GMDC|Retail Tomorrow has partnered with the International Housewares Association (IHA) to be part of the virtual Strategic Meeting events that took place this past spring and are about to take place this coming fall. Just like Macy’s and Toys “R” Us, the understanding that we need to come together to thrive has never been echoed more. We’re hearing how other companies are partnering together more and more. Will the common goal to win with customers lead to greater success? Only time will tell.
Read more about the Toys “R” Us and Macy’s partnership here.
Read more about the GMDC|Retail Tomorrow and International Housewares Association partnership here.