Macy’s CEO: Heritage Won’t Bring The Company Into The Future
Macy’s, like many department stores, is going through a much needed transformation. Comparable sales, which have fallen for the last 11 quarters straight, finally turned positive in the most recent reporting period, with sales up 1.8%. CEO Jeff Gennette, who took the helm in March, told attendees at Shoptalk in Las Vegas Sunday that the company had a wake up call. Macy’s, like most retailers, needed to redefine its purpose. “We have a lot going for us, but Macy’s heritage isn’t going to be enough to guarantee success. Yesterday’s playbook isn’t going to work for tomorrow,” he said. “Our customer is moving fast. She has one foot in the future, and we need to catch up.” Chasing that future means investing in technology that creates a differentiated and stylish experience. The department store retailer has been doing some soul searching, which culminated in the launch of what Gennette calls its “North Star” strategy last year. Through forensic mapping, executives zeroed in on four major things customers want nowadays: inspiration, fashion, clear value and great experience. Read more at Retail Dive.
