The program, which starts on October 1, will allow Macy's customers to receive products they purchased online on the same day, provided they were bought before noon from Monday through Saturday, for no extra fees. Same-day Sunday purchases need to be made before 10:00 am.
The move towards same-day delivery, while temporary, matches efforts by larger retailers such as Target (TGT - Get Report) and Walmart (WMT - Get Report) , each of which is attempting to win back market share from Amazon Inc. (AMZN - Get Report) , which offers similar delivery options to its Prime members.
"Over the last two years, we have made significant investments in new technology in our stores and on our website that have given us the ability to better serve our customer's needs wherever, whenever and however they want to shop with us," said Macy's chief product and digital revenue officer Jill Ramsey.
Macy's shares were marked 0.26% lower at the start of trading Thursday to change hands at $15.50 each, a move that would trim the stock's one-month gain to around 7%.
Shares in the group hit a decade low last month after weaker-than-expected second quarter earnings and a cut in its full-year profit guidance.
Macy's is hoping is e-commerce drive will offset a worrying slump in same-store sales last quarter, which CEO Jeff Gennette put down to "a fashion miss in our key women's sportswear private brands, slow sell-through of warm weather apparel and the accelerated decline in international tourism."
Macy's said last month that diluted earnings for its fiscal second quarter, which ends in July, came in at 28 cents per share, down 47.2% from the same period last year and well shy of the Street consensus forecast of 45 cents per share. Group revenues held up well, however, and were largely flat to last year, and in-line with analysts' estimates, at $5.546 billion.
Looking into 2019, Macy's said it now sees diluted earnings in the region of $2.85 to $3.05 per share, down from a prior forecast of $3.05 to $3.25 per share. However, Macy's also said it still sees full year sales flat to 2018.