Retail giant Macy's unveils SoGifted store, showcasing businesses owned by resourceful women entrepreneurs
Macy's, the iconic American department store, is making a significant move towards supporting female entrepreneurs. Hal Lawton, Macy's president, has announced his departure from the company, but his legacy will continue with the launch of SoGifted, a new gift shop featuring merchandise from women-led small businesses.
SoGifted, which will be available in seven Macy's locations across the country until January 31, is a partnership between Macy's, SoGal Ventures, and b8ta, an experiential retail startup. The collaboration aims to give in-store shoppers an opportunity to discover and support these female-led small business brands.
SoGal Ventures, a venture capital fund that invests in diverse entrepreneurs, has also acquired a minority stake in Macy's. This move is part of Macy's efforts to improve its existing locations and attract a more diverse customer base.
B8ta, which recently transitioned into fashion and lifestyle brands in addition to electronics, will curate the brands for SoGifted. Some of the brands that will be featured include TomboyX, Ettitude, and Quirktastic.
Macy's will highlight SoGifted during entrepreneurial focused events, including a launch party with the female founders. The partnership is intended to empower the next generation of women to see entrepreneurship as within their reach.
Macy's has also introduced offerings like Story and The Market @ Macy's, which have been successful in bringing unique and exclusive products to their customers. The introduction of SoGifted is a testament to Macy's commitment to innovation and supporting small businesses.
However, Macy's has been facing a decline in sales, and it is not clear whether the company will close more physical storefronts next year. Despite this, Macy's is making a conscious effort to adapt and evolve in the retail landscape.
The Series C financing round of b8ta, which raised a total of $50 million, included investors such as Salesforce Ventures and Flex. This investment will undoubtedly help b8ta continue to grow and innovate in the retail space.
Elizabeth Galbut, co-founder of SoGal Ventures, stated that the partnership with Macy's is a significant step towards giving women-led businesses the exposure they deserve. She believes that this partnership will inspire a new generation of women to pursue entrepreneurship.
In conclusion, Macy's is making a bold move towards supporting female entrepreneurs with the launch of SoGifted. This partnership with SoGal Ventures and b8ta is a testament to Macy's commitment to innovation and diversity. Shoppers can visit SoGifted in seven Macy's locations across the country until January 31 to discover and support these women-led small businesses.
