Macy's CEO: We Would Like to Have an Outlet Open Inside Every Store
Macy's is all in on outlets.

Lookout TJX Companies (TJX) , Macy's (M) is coming for your bargain shopper.

"We eventually hope to have one [a Backstage outlet] in every store," Macy's CEO Jeff Gennette told TheStreet on the sidelines of our sister publication The Deal's corporate governance conference Thursday. The company has 690 department stores open split between Macy's and Bloomingdale's. 

Gennette is dead right in wanting to get outlets open as quickly as possible.

Macy's launched the Backstage off-price concept in late 2015 via six free-standing stores. The store's merchandise, which includes home decor, shoes, sunglasses, baby gear, bedding and packaged snacks, is purchased by a separate off-price organization team within the company. More recently, the company has shifted its focus to opening the Backstage concept inside full-price Macy's stores.

Macy's currently has more than 60 Backstage outlets open. By year end, it envisions having about 160 -- that includes its first tests of outlet stores at top-rated Macy's locations and stores on the West Coast. Sales at Macy's stores with a Backstage outlet are seeing a sales lift of 7%, says Gennette. 

As a sign of its seriousness on outlets, Macy's will soon open a new distribution center in Columbs, Ohio to support the business.

To check out all the coverage from The Deal conference head here

More from Investing

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says