Macy’s could be next on the retail chopping block.
We have seen this before. Decisions made by investors that have real-estate goals vs. retail goals put the customer last.
Hudson’s Bay Company and Saks are getting further away from their customers because they have real-estate moguls telling them how to run retail. Store closures are always part of the plan and sadly Macy’s may be next.
A potential buyout could drive Macy’s to its demise. There is no benefit here except for an influx of cash for the retailer. Macy’s has a chance but it needs to put the customer first.
The future customer.
Which means a greater understanding of Gen Z and their spending power.
Macy’s hasn’t been on top of their game in quite some time and lost its luster. The parade and holiday windows are just not going to cut it. They have a chance with the new push for small format stores with a localized and curated product assortment. The new private label is data-driven and should stay but what is going to drive the younger customer into the stores?
Increasing footfall across existing AND new customers should be a priority.
The only way for any retailer, including Macy’s, to stay relevant is to build a relationship with their evolving and emerging customers. Macy’s focus is their existing but aging customer.
They can’t alienate the younger shoppers. They are the future.
