Essay On Macy's

643 Words2 Pages

Macy’s was started as a small fancy dry goods store in New York city in 1958, which developed into one of the largest clothing retailers with more than 700 locations around the country. However, Macy’s sales have gradually plummeted as the new competition in the market is rising. According to an article on Fortune.com, Macy’s is closing 100 stores as the result of competitions from retailers such as Amazon and T.J. Maxx. Nevertheless, Macy’s is not the only chain who is closing down stores, Sears and Kmart’s have closed many of their stores due to heavy decline in sales. In addition to that, article states that a Wall Street report suggest Amazon will take over Macy’s spot as the top clothing retailer in the United States. Nonetheless, there is still some hope for Macy’s comeback as Jeff Gennette takes over the position of CEO. He has laid out plan to change the entire operation from top to bottom, to revive Macy’s sales. Jeffs action plan includes …show more content…

In order to resolve this problem they need to look at how other retailers offer promotion. Macy’s should use strategic groups’ concept to understand all the competition plans for promotion. Instead of the current situation where offering discounts on certain brands, offer in-store credit, and let the customer choose where they want to spend their savings. Another move that is planned by the new CEO, is that to incorporate other brand stores with in Macy’s stores. This is a good strategic move on Macy’s part because it gives customer more choices in one place. It’s the best way to compete with a giant like Amazon, which has everything in their selection. According to an article on Forbes.com, Amazon is more successful because of the wide selection and change in buying habits. Therefore, adding more shops such as Apple store and Lens crafts will help Macys get people in the

Show More
Related

  • Main Raisons for the Decline of JC Penny

    1525 Words  | 4 Pages

    In my review of the JC Penny case, I focus on understanding the main reasons for the decline of the JC Penny brand as well as ways to stabilize and revive it. First, I assert that the main causes for the brand decline were caused by the actions of then CEO Ron Johnson who misunderstood what the JC Penny brand was about, which caused the company to lose sight of its target market. From there, I suggest that the company bring back popular private label brands, begin listening to their customers, and embrace the growth of online retail. Finally, in order to ensure long-term success and stability, JC Penny must be repositioned as a modern brand that truly cares about meeting the needs of its customers by striving to inspire them in their everyday lives.

    Read More

  • Kohl's Target Case Study

    1343 Words  | 3 Pages

    With the recent (and seemingly unstoppable) decline of JC Penney and Sears, much internet ink has been spilled lamenting the decline of these companies, while little analysis has been done exploring which retailers, brands, and stores can best profit from this massive outflow of JCPenny’s and Sears’ traditionally-loyal customers. The most obvious contender in this market share version of jump-ball? Kohl’s Corp. After all, Kohl 's, the 4th largest department store in the country, is where we, the consumer, are to “expect great things.” And as a company operating “1,146 stores in 49 states” with a stated “focus on providing excellent value to customers through offering moderately priced, exclusive and national brand apparel”, Kohl 's operates

    Read More

  • Jcpenney Case

    514 Words  | 2 Pages

    However, with the decision of closing the catalog business and the hiring of the new CEO Ron Johnson in 2011, the company has started experiencing multiples challenges in brand image and marketing strategy.

    Read More

  • Swot Analysis Jcpenney

    689 Words  | 2 Pages

    They have a revenue growth increase of 1.5% year on year, which is above their competitors averaging a revenue growth of 1.09%. They also have a small 7.8% market share competed to their primarily competitors, Macy’s with 17% market share and Kohl’s with a 14.1%. They also have a 1.7% higher that competitor like Target in their current ratio. A strong positive current ratio means that they are in a strong financial position. Taking a deeper look at the competition between two major retailor companies, JCPenney and Macy’s.

    Read More

  • Jcpenney Swot Analysis Paper

    2092 Words  | 5 Pages

    Even though JCPenney has been dropping in sales, they still have a number of strengths that may help the company survive. For one, Mike Ullman, a former JCPenney’s CEO, is back in his previous position. After being gone for two years, Ullman replaced Ron Johnson as CEO on April 8, 2014

    Read More

  • Macy's Marketing Strategy

    1197 Words  | 3 Pages

    To start off with, in a sense, wholesalers provide a major service to retailers and are crucial to the success of those retailers. One reason that the wholesalers are so important to retailers is that without the wholesalers, retailers would not have an accessible way to get their products. For example, if Macy’s was not connected with a wholesaler, they would not be able to gain products, therefore making it difficult to make a profit. Another reason that the wholesalers are very important is that they give the retailer a reason to mark up the product allowing them to make a profit. For instance, if a retailer purchases a product for $50, they can then mark the product up to $75 to make a $15 profit off of that item. Overall,

    Read More

  • Nordstrom Customer Service Essay

    1534 Words  | 4 Pages

    For example, it's best for restaurants to have a narrow menu because too many similar options can overwhelm the diner– the same concept applies here. Furthermore, this form of marketing would have to be permission-based because a customer might want to browse through the entire Nordstrom catalog and taking that experience away would harm the company. In addition, by combining this service with location data, Norstrom marketers have better insights on what styles their local retail stores should be stocked with. Next, in order to heighten customer interaction, Nordstroms could open a small cafe/lounge (Starbucks), or open a beauty boutique where customers can come for a one-stop shop. In doing so, Norstrom would become more than just a place to shop it would be an experience. Unless shoppers are extremely loyal to the brand, losing customers is inevitable even if customer satisfaction is high. Thus, to combat this Nordstrom could send out discounts or a free 15 dollar in-store reward to entice them to shop at the store

    Read More

  • Nordstrom Essay

    1256 Words  | 3 Pages

    “The retail landscape has shifted toward e-commerce, but there are opportunities for department stores to capitalize

    Read More

  • Macy's Research Paper

    433 Words  | 1 Pages

    Macy’s is a brand that has built a name for itself. It offers a variety throughout its customers and company. It is a brand that I like because it is found throughout many states. Macy’s offers a variety of categories such as clothing, handbags, shoes, and jewelry. It is easy to find online and at local stores. It offers great promotions and sales throughout the year. Also, Macy’s guarantees great quality within its merchandise. It is a brand that reaches outs to its customers in several ways. Macy’s makes sure that the customers can shop online and pick up at a local store or shop at local stores. Macy’s is also a brand that offers discounts to its fellow customers and use this as an attraction to its clients.

    Read More

  • Case Analysis Of Ross

    955 Words  | 2 Pages

    Compared to the competition, Ross has the same merchandise mix. Compared to its competitors some sections, like furniture, are not as large. Ross should try research the merchandise category that customers prefer to buy in other discounted retailers and invest in that category.

    Read More

  • Macy's Mission Statement

    1567 Words  | 4 Pages

    Macy’s long-term goals and principal methods for attaining goals for the organization has not changed, it is their method of delivery that has been changed to address the needs of the consumer. Macy’s long term goals are aligned in their mission statement, “to be a retailer with the ability to see opportunity on the horizon and have a clear path for capitalizing on it. To do so, we are moving faster than ever before, employing more technology and concentrating our resources on those elements most important to our core customers (Macy's, No Date). “In 2008, Macy’s reached the top fortune 500 company listings as one of the top leading retail organizations in the country (Macy's, No Date). In 2015 Macy’s opened their fifth fulfillment center, offering the consumer rapid, efficient distribution of goods to customers (Macy's, Inc., 2017). With a mission of continued looking to the horizon, 2017 and beyond should contain lots of innovation and development for Macy’s.

    Read More

  • What Is Macy's Business Strategy

    282 Words  | 1 Pages

    Macy’s Brought their new million dollars online store, online in 2007, and their goal for their online sales ranged in the billions. According to the MSNBC, Macy’s online sales earned 450 million in 2005 and rose to 620 million in 2006, that is a 38 percent increase in their online profits growth within a two-year span (Ness, 2007). Jim Sluzewsk, who was the Senior Vice President of Corporate Communications and External Affairs for Macy's stated that because of their Research on consumers who shop both online and in Brick and mortar stores demonstrated their loyalty to the brand name (Ness, 2007). This also demonstrates that Macy’s online strategy is intended to increase their total sales from a dual-shopper demographic. Another reason that

    Read More

  • Case Study Of Ron Johnson's New Strategies At JC Penney

    311 Words  | 1 Pages

    Upon his hiring, CEO Ron Johnson was quick to implement his new strategy at JC Penney (Ritson, 2013). The executive felt the department store was outdated and developed ideas to combat the store’s declining sales. The new CEO planned to create a unique shopping experience while keeping costs low enough to entice customers all year long (Kinicki & William, 2013). Johnson ideas mirrored Porter’s forces by trying to limit new entrants threats while increasing the bargain power of buyers and combatting rivalry with his competitors.

    Read More

  • Macy's Business Analysis

    317 Words  | 1 Pages

    When people think of Macy’s department stores the thought of perfume and cosmetic counters, large shoe isles, and entire floors dedicated strictly to home goods come to mind. Macys was founded in 1858 as a dry good store. Rowland Hussey Macy had opened numerous retail stores however, one after the other showed to be a disappointment and enviably had to close. Macys was his only store that successfully took off and remained opened. Macys was known for making numerous firsts to the retail business such as implementing a one price system which meant that the same item was sold to everyone, they were also the first to introduce the Idaho baked potato to consumers as well as were the first to hire a woman to a upper executive role.

    Read More

  • Case Study Macy's

    345 Words  | 1 Pages

    Some of these locations are modestly profitable but Macy's will be able to capture some of the sales from stores it closes at nearby locations and through its e-commerce site. It also plans to cut corporate overhead costs. As a result, Macy's should be able to rebuild its pre-tax profit margin. Two years ago, Macy's pre-tax margin was roughly 9% and it seems to be improving its pre-tax profit margin

    Read More

More about Essay On Macy's

Open Document