With a series of big strategic shifts this week, Macy's is trying to reinvent itself on the fly. Is it too little too late?
Share to twitterFewer and smaller stores. More emphasis on off-price. Cost savings through back office consolidations. Brand exclusivity. Celebrating its role in American culture.
On the negative side, it plays in the middle of the marketplace, which has become smaller and smaller and less and less desirable; it is consumed with an untenable high-low marketing strategy that is no longer an effective promotional vehicle; it still has too much physical space and too much in the wrong places; it has a historical weakness in developing new businesses and new business models; and it does not have an unlimited amount of time in which to fix all of this.
More surprising, but only in the timing, are the reports that the Story pop-up format is being dialed back. While Macy’s instincts were correct that it needed a high-turn headliner to drive traffic, execution was less than stellar—putting it politely. For those who have been around for a while, it smacked of a similar experiment more than 20 years ago when, under former CEO Jim Zimmerman, the company bought Fingerhut as a way to get into the direct-to-consumer business.
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