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The Yin and Yang of Macy's Business Strategy: A Lesson in Adaptability As someone deeply involved in business strategy, I find Macy’s recent moves quite compelling. Here’s a look at what’s working for them and where they might have stumbled. What Worked for Macy’s 1. Return to Roots: The opening of new small-format stores takes Macy’s back to its origins, which could resonate well with consumers looking for an authentic shopping experience. 2. Operational Efficiency: Smaller stores are not just trendy; they’re more efficient to operate, potentially translating into higher profitability. 3. Curated Experience: These compact stores can offer a curated product selection, which can lead to a more focused and satisfying customer experience. What Didn’t Work for Macy’s 1. Late Reaction to Changing Landscape: Macy’s sluggishness to adapt to the changing retail climate has cost them, evident by the 66% drop in shares over the last five years. 2. Overreliance on Megastores: The closure of roughly 80 locations shows that big doesn’t always equal better in the evolving retail space. The Bigger Picture Surprisingly, mall sales in America grew by 11% last year. So, what does this mean for the future of retail and Macy’s role in it? Your Thoughts? Now, I’m really curious to hear from you: What do you think is the most critical focus area for Macy’s going forward to secure its future? Share your insights below! #RetailTrends #BusinessStrategy #OperationalEfficiency #Adaptability #ConsumerBehavior #MacysStrategy #Macys

Leading retail executives from Abercrombie & Fitch Co., Levi Strauss & Co., Under Armour and more share why they believe that 'stores matter' and always will. Check out their insights on why stores enable a more experiential approach than digital and how a more intimate associate experience drives sales across all physical and digital channels. Efficiency and productivity are key to success. Read more on the future of retail predictions here: https://lnkd.in/gvRM-GSC

Macy's is charting a bold course in retail, evolving with CEO Tony Spring at the helm. By closing underperforming stores and expanding into luxury markets with new Bluemercury and Bloomingdale's locations, they're adapting to consumer demands and edging out competition. Their innovative approach, combining digital strategies with an upscale focus, shows a commitment to both tradition and modernity. As Macy's reinvents itself, it's a reminder that agility is key in today's digitalized market. What are your thoughts on Macy's strategy? #RetailInnovation #Macy's #BusinessStrategy #DigitalTransformation Join the discussion below. Original article: https://lnkd.in/ekZD3huv

Macy's has never been a retailer without plans. Under both Terry Lundgren and Jeff Gennette there were plenty of initiatives. The problem was that very few of the ideas were executed well. Some, like Story, amounted to nothing. Meanwhile, the basics - those 101 retail fundamentals - were often neglected. So when Tony Spring recently took up the post of CEO, he inherited a retailer in need of change. Now to be fair, Tony has been quick to set out his stall - and high on the agenda is the improvement of Macy’s shops. Not just the way they look, but how ranges are curates, and how the stores operate. Macy’s will update 350 of its shops - the so called Go Forward group, which it sees as the future of the chain. Work has already started across 50 stores - known as the First 50. Today I am meeting Tony Spring and his colleagues to walk one or these modernized stores. I have been a critic of Macy’s store standards, so I am looking forward to seeing what the business is doing to put its best foot forward as it crafts what it is calling a “Bold New Chapter”. #retail #retailnews #departmentstores

🔥🤔 Macy's Expands into Strip Malls: A Desperate Move or a Stroke of Genius? 🔥🤔 📰 Is Macy's making a risky bet or is it onto something big? Find out in this intriguing article! 😲💡 💼 Macy's, the iconic department store, is shaking things up by opening smaller stores in strip malls. Will this bold move help them win back customers? 🛍️💪 💸 As middle-income Americans tighten their belts, Macy's is adapting to the changing retail landscape. But will it pay off? 🤔💰 📊 The results are in: these new compact stores have been a hit, outperforming traditional mall locations. 💥📈 🎯 Macy's CEO is determined to attract younger shoppers and stand out from the competition. Discover the strategies they're using to make it happen! 🎯🛒 🙌 Ready to dive into the world of retail innovation? Click the below to read the full article and join the discussion! 🌐📚 🔗 #Macysexpansion #RetailRevolution #Innovation #ShoppingTrends #BusinessStrategy #EconomicNews #AIInsights #JoinTheDiscussion https://lnkd.in/d68Vjum2

Having worked with consumer brands for more than 20 years, the need to adapt is always at the crux of the brands ability to survive. Check out my latest commentary for Globe Street discussing the morphing of the retail industry amidst Macy's announcing the closure of 150 stores. In today’s digital age, brands no longer need to beg for or embrace retail to be able to establish a following. Once shoppers know what they want, the need to attend a physical location goes away, so we are continuing to redefine what the word ‘shop’ means. Read the full article here: https://bit.ly/3VeWJAn

Recently, I read a RetailWire article about Macy’s shutting down 150 of its 500 stores. For those in other parts of the world, Macy’s is a department store chain, and its stores often anchor large shopping malls. However, while that describes more than 25% of its stores, it represents less than 10% of sales. Some might say Macy’s is “trimming the fat” or “getting rid of the dogs.” From a financial perspective, that may be true. But it’s more than that. What they are doing is what any good business would do, and that’s changing to keep up with customers’ ever-changing habits and expectations.  Read more: https://lnkd.in/gSXWBUuv #customerservice #customerexperience #EvolvingCustomerNeeds #ShepHyken

Macy's Q4 results: 💵 Total sales: -1.7% 🛍 Comp sales: -5.4% 📉 Net income: -114.0% (unadjusted) These are mediocre numbers. Even with an extra week of trading, Macy's could not engineer sales growth - including off the back of a weak prior year. The big news is that Macy's has a new plan called "Bold New Chapter" which includes "modernizing the shopping environment", pushing more into luxury via the addition of new Bloomingdale's and Bluemercury stores, and streamlining operations. The plans are sensible and give an early sign that new CEO Tony Spring wants to put Macy's house in order. However, Macy's has come up with grand plans before and has completely failed to execute. So most will reserve judgment until they start to see improvements underway. Nevertheless, this is a step in the right direction. #Macys #departmentstores #trading #economy

It’s not at all surprising that Macy’s is closing this many stores across the US over the next three years. Interesting, however, is the pivot towards serving the more affluent market segment by expaning the footprint of luxury stores. A viable strategic option when the market is gigantic and there’s considerable spending power available. This is a strategic pivot that’s not readily available for classical department stores operating is smaller markets and regions with more ”harmonized” consumer segments. #DepartmentStores #Macys #Pivot #StrategicThinking #Strategy #CompetitiveDifferentiation #RetailIndustry

Q1 2024 marked an important milestone for Levi Strauss & Co., driven by the US & Canada team's resilience and creativity. This team's dedication and stellar performance have resulted in stellar back to back quarters. It's been a honour and privilege to lead this team. - Our Direct-to-Consumer (DTC) net revenues in the US grew by 10%, while e-commerce surged by 19%, showcasing a strong digital strategy. - Our wholesale strategy reset led to sequential growth and significant margin expansion for the second consecutive quarter. - Our market share increased by 2 percentage points in men’s and 1 percentage point in women’s categories, highlighting our brand's competitive edge. Especially, gaining momentum with Gen Z and millennials and reinforcing our place at the center of culture. - The US & Canada team set new growth benchmarks in driving new product innovation as well as scaling new product categories. The last 24 months of concerted effort in the US marketplace have culminated in a remarkable turnaround, there is always a 12-18 month lag to the strategy coming to life in the marketplace (which is simply co related to GTM timelines). A testimony to incredible execution of the strategy. This is just the beginning of stellar quarter after quarter results, for all the strategies that were put in place in the last 2 years and are now showing green shoots. As a team we are committed executing with excellence and to continuing our journey of growth, innovation, and success. https://lnkd.in/gkGCY8U2 #TeamLevis #ExcellenceInAction #Product #ProudLeader #Teamwork #Turnaround #Ecommerce #DTC #Wholesale #Millennials #Marketsharegains #Performance #Growth #Denim #Innovation #inspiration #Motivation #Retail #Stores #Icon #Brand https://lnkd.in/gkGCY8U2