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Jesus, skip the clickbait:
>But the company is blaming factors such as bad weather and “fashion misses” in its women’s sportswear business, particularly its own brands.
>“We had a slow start to the quarter and finished below our expectations,” Chief Executive Jeff Gennette said in a statement.
They are lost
Large scale department stores have been failing for years now. I’m not sure why this surprises anyone. They fail to innovate and stick with the same model from the 90s. Walmart and Target are at least embracing innovation somewhat. I haven’t seen Macy’s, Dillard’s, Sears, or JCP do anything innovative in 30 years. This is business 101, constantly innovate or die. It’s not rocket science. Figuring out what the next step in innovation is a bit tricky though. But trying big changes and failing is a better bet than just sticking with the same ideas you’ve been using for 30 years. This isn’t a recession or Amazon stealing their sales. It’s about them not doing a good job of selling products and other competitors coming up with better ways of doing it. Just like old dinosaurs that don’t want to change their ways these guys too will become fossils of a past age. Just like Woolworth’s and the lot of them. You always need to embrace change. Microsoft is a good example of embracing change. They realized that pc sales were slipping and that OS dominance wasn’t going to be a bread winner it use to be. They went heavily into cutting edge technologies like cloud computing and machine learning and are making a solid earning from it. Their stock has been a solid winner for over two years now. Not to say they are invincible, but when you constantly are looking forward and willing to change you can keep your company relevant for many decades. The world is changing faster and faster. A solid business idea only tends to last 10-15 years nowadays. Even the iPhone is starting to peter out a little. You always got to be looking for the next big thing to survive. And always got to be willing to make big changes to survive. Macy’s can still turn around, but it would mean making big changes to the way they sell clothing and perfume. Learning how to market and sell to millennials should be every single companies biggest priority at the moment. And that mostly means big changes in the way they do business. I’ve noticed millennials tend to love aesthetics increasing more. Look at any coffee shop. The ambience sells coffee almost more than the quality of the coffee they serve. Maybe trying to sell stuff out of places that looks drab and dreary warehouses isn’t the best of ideas. Incorporating technology is extremely lacking as well since you can walk into any department store and it is still the exact same shopping experience you would have had in 1995. This is truly what is killing most of them. And I’m no expert or authority on the matter, but it does get annoying seeing articles like this blaming the economy, or Amazon, or whatever when it’s really just the company sucking at what they do and never innovating jack squat and then eventually just dying of old age because they never connected with the newer generations. There are retail stores that are thriving. Target continually impresses me with how much they embrace innovation as a business philosophy. And guess what? They ain’t dying. Shocking isn’t it?
I dont shop at Macys, but I do shop at Marshall’s.
So I’m kind of worried that I will have to switch to Ross if this keeps up.
Honest to god not joking that right now macy’s and JCP do have insane sales right now instore. Of the word is spreading. They are definitely dead companies. They are NOT making profit off these crazy discounts. Was just saying is all. And of course the duration of these discounts will increase and further crazy sales. Especially when the liquidation sales begin.