Wednesday, January 13, 2016
Macy's
The Board of directors needs to look at hiring new upper management including CEO. When it takes them four years to make a decision its time to go. In the new business environment, you need to be able to adapt quickly not slowly. The company will continue to be lackluster until change is met. Have to scale back, get rid of coupons or make them easier to use. Customers shopping experience is getting complicated which in turn will turn away shoppers. Have to keep things simple and basic. Also Macys does not care about employees and how they get treated, this needs to change fast. Quit thinking of them as a number and think of them as humans. Lastly they need to invest in the company and not by stock buybacks, which can be: stores, buildings, equipment, training or better products with fair prices. Backstage needs to be a separate store to battle TJ Maxx and can use in smaller locations or outlet malls. Get rid of penny and ship those items to Backstage as well so we do not give another company a chance to purchase inventory at a cheap discount which will help combat new or improving businesses. Macy's lost 30,000 customers in two weeks when they got rid of Trump merchandise. Now how many of those customers will never shop again or how many of them will come back after it happened. 30,000 customer is a big chunk to lose. Sales associates should dress business professional to help make the customer experience better and it sells designer brand clothing, which will give it a special meaning walking into a Macy's store.
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