Macy’s Online Ambitions Look Dressed Up

Macy’s is trying on a new look, and investors like what they see.

The department store said on its Thursday morning earnings call that it has hired AlixPartners, a management consulting firm, to assess whether or not a spinoff of its e-commerce business makes sense. This move follows a nudge last month by activist investor Jana Partners, which proposed a spinoff of Macy’s faster-growing online business, saying the separation could double its market value. The department store is leaning into the dot-com excitement in other ways too. It also announced a plan on Thursday to launch a third-party online marketplace.