The retrograde Macy's store is doomed and so is their next great idea. Macy's - Almost forgotten - A friend of mine called me looking for a job, he was leaving Macy's distribution center, worried about feeding his four children.
Your Macy's Store has a history; the founder of Macy's - Rowland Macy would be really pissed off at the Macy's store getting ready for the Christmas Season.
He would really be mad at management. He would terminate most all the current managers at the corporate level.
One thing, the founder of Macy's - Rowland Hussey Macy would wish you a Merry Christmas and not be politically correct. Old Rowland Macy developed R. H. Macy of New York, and became the largest drugstore, bookstore, liquor store and had hundreds of thousands of customers per day. Rowland was the largest of everything during his days.
Now that the value of Macy's has dropped to almost nothing investors and customers are furious about poor services in the stores, higher prices and fake sales, to name a few.
Shares of Macy's (NYSE:M) have tumbled this year as the company has reported consistently downbeat results. As of July 25, the stock has lost 34%
Macy's M (U.S.: NYSE) has the same market value as SPLS Staples of about $6 billion dollars, always moving lower over time. You can still buy stuff at Macy's, but don't buy Macy's.
We mention SPLS and M together because of activist investor Starboard Value, so don't expect the old Macy's to ever return. Some think Macy's has over $20 billion in real-estate but what about the cost of a purse, shoes, a nice dress?
Nobody talks about retailing to the customer any longer. Everybody talks about Amazon, not Macy's, not Staples, not Sears, not K-Mart, or a thousand more. Losing 50% of your market value is not a good place.
Macy was the biggest in furniture, clothing, books, liquor, china dishes, fabrics and just about anything else a human being would want to purchase. In fact, the Macy's store in New York was the biggest store in the world.
Now the modern Macy's is trying to save their business by not being Macy's any longer. They think their future is in the basement or backstage using their terms. Big brand name treasure hunt.. that they call Backstage, a department inside their department store. Strategy is o.k. but be confident that TJ Maxx, Ross or Nordstrom Rack won't just sit around and watch.
Macy's is so happy because they get good feedback from customers paying less, a sad thing to admit Karen Hoguet. Testing lower prices is like testing cold coffee, you already know the results if your an adult.
T.J. Maxx, Marshalls, Ross Dress for Less and Nordstrom Rack,
Rowland Macy was an honest to God Nantucket whaler, that's how long Macy's has been in the retail business and now Macy's wants the world to believe they were not smart enough to sniff out the internet or Amazon.
Macy had a great idea, sell dry goods for cash. Before his great success he failed in Boston, San Francisco, Haverhill but undaunted the New York store was a hit, people in New York must be stupid.
You could buy a pearl necklace, livestock, a table, a bottle of booze, and they would constantly change prices to make sure they were the deal in town.
Now what;
You're not going to buy a church organ at Macy's and it seems you're not buying much of anything there. The jobs are part-time with no benefits, you better not call a salesgirl a salesgirl and there is no true learning, performance and development programs and it shows.
All customers are reluctant and I think it's safe to say, there are no more Macys customers.
The jewelry counter is empty, the perfume always offered at the highest price, but there is a lot of elbow room because your Macy's store is empty.
If you want to relax during your Christmas shopping, go to Macy's, take a seat in the shoe department, nobody will every bother you there.
Merry Christmas Macy's from all your laid-off employees.
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