Retail brand Macy’s has announced that applications for its intensive vendor’s accelerator program, The Workshop at Macy’s, are now open though November 30, 2023. The program, which takes place in Spring 2024, is designed to provide independent, diverse, or underrepresented brands with the support needed to successfully increase market performance and expand audience reach.
As detailed in the company’s press release, “The Workshop at Macy’s is the retail industry’s longest running accelerator program, and since its founding in 2011, the program has grown to empower more than 220 graduate brands, provide more than 500 hours of educational training and supply more than $500k in business grants.”
The program, whose course offerings span one month, offers participants both in-person and virtual opportunities to access industry resources, knowledge, and tools through mentorship by retail experts from organizations like Google, Meta and Babson College. As detailed in the release, “course offerings include in-depth explorations on building brand identity, financial management, assortment planning, perfecting the pitch, accessing growth capital and more,” and are focused on assisting small companies in scaling their businesses successfully.
This year’s program cohort will not only “gain access to Macy’s holistic supplier ecosystem, critical education and funding resources,” the release continues, but will also be afforded the opportunity to operate a digital pop-up shop on Macy’s online store to attract new customers and receive a $5,000 business grant to invest in operations upon program completion.
Additionally, participants will have the chance to enter Macy’s pitch competition. As we have previously reported, the winner of the Macy’s pitch competition will receive a $100,000 business grant, a sourcing team partnership with Macy’s, and other benefits.
S.P.U.R. funding program
While participating in The Workshop at Macy’s, selected brands will also learn more about the retailer’s S.P.U.R. Pathways: Shared Purpose, Unlimited Reach funding program. The multi-year, comprehensive program was launched late last year, and is designed “to advance entrepreneurial growth, close wealth gaps and shatter systemic barriers faced by diverse-owned businesses and businesses serving underrepresented communities,” the release said.
S.P.U.R. Pathways was created by Macy’s in partnership with Momentus Capital, a financial organization that offers “digital platforms [which] utilize a technology-forward approach that enables community lenders to scale and reach deeper into underestimated communities,” processing over $75 billion in capital transactions by over 250 lenders over the last five years according to their website.
This program “includes a range of financing options including loans for working capital and commercial real estate, and growth equity, all designed to meet the needs of diverse-owned and underrepresented businesses at various stages of growth,” the press release explains, and is incorporated into The Workshop at Macy’s curriculum to provide participants with the opportunity to meet with capital markets professionals and learn how to apply for funding.
To learn more or submit an application to The Workshop at Macy’s, visit TheWorkshopatMacys.com.